Stock - Alpha Dhabi
Abu Dhabi's investment heavyweights continue to propel their way to new highs. Alpha Dhabi has just landed with robust Q1-2024 financials. Image Credit: WAM

Dubai: Alpha Dhabi recorded one of the highest revenues by a UAE-listed company for the first quarter of 2024, with Dh14.2 billion. And backed that up with a whopping 232 per cent gain in profit from operations.

Total assets ended the quarter at Dh147 billion, with the Abu Dhabi headquartered investment company stitching together multiple deals to keep the pipeline running strong. “Overall, our results for the quarter tell a story of continual year-on-year growth, sending a strong signal about our commitment to vital sectors in the UAE's present and future economy," said Mohamed Thani Alrumaithi, Chairman.

Alpha Dhabi, which employs around 95,000 across its portfolio, has stakes in blue-chips such as the master-developers Aldar and Q Holding, the healthcare entity PureHealth, and in the new-gen digital bank Wio.

“Alpha Dhabi has started 2024 in the same way as we finished 2023 - by delivering strong performance and building on our relentless growth momentum," said Hamad Al Ameri, CEO. "Our record revenue of Dh14.2 billion reflect the pace at which we're moving to capture opportunities across our diversified portfolio and throughout the investment landscape.

"Fundamentally, we're primed to continue making investments that position us for future growth and that deliver meaningful impact across our vibrant economy."

Net debt totalled Dh5.2 billion as of end March 2024.

Reasons for net profit decline
Net profit dropped 27 per cent to Dh4.6 billion. According to a statement, "Total gains in the quarter at Dh2 billion, were lower than the corresponding period in 2023 when the group de-recognized Pure Health. The reduction in gains, together with the adoption of corporation tax in the UAE in 2024, contributed to a decrease in group net profit overall."

More deals coming

"Alpha Dhabi is strategically poised to forge further ahead its growth ambitions, which will include further possibilities for acquisitions and geographical diversification," the statement said.

The company has eight operating verticals which oversee 250 plus businesses in the Middle East, Europe, Asia and North America, 'each of which is committed to being elevated to achieve its potential'. (Abu Dhabi's investment powerhouses have been gunning for greater geographical diversity, whether that's into the Americas or the Far East.)

Currently, its industrial, real estate and construction interests represent 37 per cent, 33 per cent and 18 per cent of Alpha Dhabi's total revenue from the first 3 months of 2024.

"As we chart the path forward into 2024, our aim is to build on this energy by unlocking exciting opportunities here in the UAE as well as expanding our global footprint," the CEO added. "To do this, we will be both active and agile by exploring possibilities, including the adoption of AI solutions, that expand and add depth to our portfolio, ultimately taking the Alpha Dhabi growth story boldly forward to newer, greater heights."