Alpha Dhabi Holding reported a group net profit of AED13.3 billion for the year ended 31 December, up 25 percent from last year.
Revenue was up 14 percent at AED45.4 billion for the year.
“Alpha Dhabi‘s impressive performance in 2023 is both a reflection of our strength and capabilities as well as a validation of the depth, resilience, and diversity that’s found across our growing portfolio,” Hamad Al Ameri, Managing Director and CEO, said.
“As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions. Our joint ventures with ADNOC Drilling and Mubadala is a testament to this ambition, as we will deploy up to AED2.1 billion into oil field services and AED1.7 billion into global credit opportunities.”
Joint ventures power results
Last year, the positive impact resulted from the strategic acquisitions and investments made since 2022, notably consolidating Aldar Properties PJSC starting Q2 2022.
Alpha Dhabi has also forged strongly forward within the investment space, forming a joint venture with Mubadala Investment Company to co-invest in credit opportunities. Both Alpha Dhabi and Mubadala plan to collectively deploy up to AED9 billion over the next five years, utilising Mubadala’s strategic partnership with Apollo (NYSE: APO), one of the world’s largest alternative asset managers, to access high-quality private credit investment opportunities.
The group also formed a joint venture in collaboration with ADNOC Drilling Company to spearhead the development of an oil field services technology and solutions platform with commitment amounting to AED5.5 billion.
Additionally, the group made strategic acquisitions in companies including ADMO Lifestyle Limited, and National Corporation for Tourism and Hotels.
The group’s balance sheet remains resilient with AED140.4 billion in total assets and a strong cash position of AED20.2 billion.