Abu Dhabi-based investment group Alpha Dhabi Holding has announced a consolidated net profit of AED6.7 billion ($1.82 billion) for the six-month period ending June 30, 2024.
The group’s H1 2024 financial results showcase its remarkable performance, with revenue soaring to AED29.3 billion, representing a 32 percent increase from the same period last year. Net profit from operations also surged to AED5.1 billion ($1.38 billion), marking a 92 percent year-on-year increase, while gross profit reached AED6.4 billion, a notable 38 percent increase year-over-year.
Total gains in the first half of the year amounted to AED2 billion, slightly lower than the corresponding period in 2023 when the group de-recognized PureHealth. The reduction in gains, together with the adoption of Corporate Tax in the UAE in 2024, contributed to a modest decrease in the group’s overall net profit.
Strategic execution, diversified portfolio strength
The results reflect Alpha Dhabi’s strategic implementation across key verticals and its unwavering commitment to generating enhanced shareholder value. The strength of the company‘s diversified portfolio was a significant contributor, with industrial, real estate, and construction segments accounting for 41 percent, 30 percent, and 17 percent of the total, respectively, in addition to energy, hospitality, and climate capital representing 12 percent.
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Strengthening the balance sheet
Alpha Dhabi has also continued to strengthen its balance sheet, with half-year total assets reaching AED155 billion and cash balance at AED20.7 billion. Half-year total equity stood at AED81.2 billion, reflecting the depth and resilience of its financial position.
Diverse portfolio drives continued growth
The group’s diverse portfolio has been a significant driver of its continued growth, with all segments delivering notable performance and contributing to the increase in profit.
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