Alpha Dhabi's nine-month profit boosted by strong revenue

Image Collected
Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a more than 215.3 per cent jump in its nine-month net profit, with revenue more than doubling during the period.

Net profit attributable to the owners of the company in the nine-month period to the end of September jumped to more than Dh6.79 billion ($1.85bn), from Dh2.15bn in the same period a year earlier, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. “Alpha Dhabi has delivered another set of record financial results as we continue to cement our position as a leading regional investment holding company,” Hamad Al Ameri, chief executive of Alpha Dhabi Holding, said.

“Our diversified business continues to grow from strength to strength with a positive market sentiment in the UAE, underpinned by strong economic fundamentals and a buoyant capital markets landscape in contrast with the global outlook.”

Revenue surged nearly 135 per cent to more than Dh26.62bn in the first nine months of the year, from nearly Dh11.35bn in the same period a year earlier, as the company executes its growth and expansion strategy across core verticals and a diversified platform.

It was boosted by “strong contributions from the existing portfolio in the healthcare sector, which continue to see strong demand, and from the real estate, construction and industrial verticals, which continue to be strong drivers of growth for the group”, Alpha Dhabi said.

The company’s balance sheet showed Dh109.1bn in total assets by the end of September. It has Dh16.9bn cash to support and drive the execution of the growth and expansion of the company.

For the third quarter, the company reported Dh454.68m net profit attributable to the owners of the company, while revenue stood at Dh9.5bn during the period.

Alpha Dhabi has announced several key transactions over the past few months, including the acquisition — subject to closing and regulatory approvals — through subsidiary Pure Health of a minority equity stake in Ardent Health Services, the fourth-largest privately-held acute care hospital operator in the US.

It also acquired a minority stake in Kalyon Enerji, a clean and renewable energy company based in Turkey. This transaction represents Alpha Dhabi's first foray into the Turkish market.

Alpha Dhabi's overseas revenue accounted for Dh3.4bn year-to-date, representing a 160 per cent annual increase. “Looking ahead and backed by a strong liquidity position, we will remain active on the investment and acquisition front as we continue to deploy capital effectively in value-accretive opportunities that meet our strict return thresholds and also allow us to build scale and diversify our platform further while creating value for our shareholders,” Mr Al Ameri said.
Source: https://www.thenationalnews.com

Tags :

Share this news on: