Abu Dhabi, UAE — Alpha Dhabi Holding has reported a net profit of AED 10.3 billion ($2.80 billion) for the first half of 2023, an increase of 30 percent year-on-year (YoY).
Revenue also saw substantial growth, reaching AED 22.1 billion, a remarkable 29 percent YoY increase from the same period last year.
The Group’s total assets were AED 127.9 billion and cash position strong with AED 17.6 billion. The slight decrease in total assets and cash balance is mainly due to the derecognition of Pure Health Holding and the utilization of excess cash by the Group, Alpha Dhabi said.
The company’s portfolios in real estate, industrial, construction, services and other sectors, also contributed significantly, representing 23 percent, 31 percent, 19 percent, and 15 percent of the total revenue, respectively.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “Alpha Dhabi’s dynamic performance in the first half of the year showcases our strength and the resilience of our diversified portfolio. With a noteworthy revenue of AED 22.1 billion and net profit soaring to AED 10.3 billion, we have experienced significant growth and are steering clear of the global market uncertainties.”
Alpha Dhabi has also broadened its investment horizon, 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 AED 9 billion over the next five years.
