Alpha Dhabi Holding has announced its financial results for the first quarter of 2022, reporting a net profit of AED2.84 billion ($773 million), up significantly year-on-year from AED100 million.
Revenues stood at AED8.17 billion for the first three months of 2022, representing a year-on-year increase of 700 percent with strong contributions from investments in the healthcare sector, which continue to see strong demand, and from the real estate, construction and industrial verticals, which continue to be drivers of growth for the company, the firm said.
This was the first set of Q1 results for Alpha Dhabi since its direct listing on ADX in June 2021. As a result, the comparable figures for Q1 2021 relating to the last reported period prior to the company’s transformational change and listing.
The company’s acquisitions and investments totaled AED5.21 billion and contributing to asset growth over the quarter, with the company reaching AED52.56 billion in total assets, up from AED47.35 billion as at the end of 2021.
Key strategic investments and acquisitions over the quarter include the 75 percent acquisition of W Solar, a clean and renewable energy business, which added further diversification to Alpha Dhabi’s portfolio and added weight to Alpha Dhabi’s ESG credentials and commitment.
Alpha Dhabi also made two acquisitions to bolster its healthcare vertical, which continues to perform strongly, with the 70.8 percent acquisition of the Yas Clinic Group and 70.8 percent acquisition of Tamouh Healthcare. The company also diversified further through its AED847 million investment in a joint venture to establish WIO Bank PJSC, which will launch a new digital banking platform in the UAE.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “Alpha Dhabi’s robust performance over Q1 2022 represents a strong business growing and transforming at pace. We not only delivered an excellent set of financial results, but also invested in diversifying and adding scale to our business with strategic acquisitions and investments.