Alpha Dhabi's 9-month net profit hits $3bn; revenue up 36pc
ABU DHABI, November 2, 2024
Alpha Dhabi Holding, a fast-growing investment company in the Middle East and a subsidiary of International Holding Company (IHC), has announced a group net profit of AED11.1 billion ($3 billion) for the nine-month period ending September 30, 2024.
Operating net profit of AED7.5 billion represents an 83% increase from the same period last year and highlights the pace of activities which Alpha Dhabi has embarked upon across key business areas.
Strong set of financial results continue to reflect the holding company's strategic implementation across key verticals and its commitment to generating enhanced shareholder value.
Of equal significance, the growth experienced across sectors is a direct result of strategic acquisitions and investments made since 2022, it stated.
The group posted revenue of AED44.2 billion, up 36% year-on-year (YoY), with key contributions coming from various business divisions, comprising AED18.5 billion from industrial sector, AED13.2 billion from real estate, AED7.6 billion from construction, AED4.9 billion from services and others.
Alpha Dhabi has also bolstered its balance with total assets at AED170.4 billion, a 21% increase YoY, while the company's cash balance was at AED23.9 billion.
Total equity stood at AED93 billion underscoring the depth and agility of its financial position, it stated.
On the results, Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said: "2024 has been a year of action for Alpha Dhabi where we've made significant leaps forward as an organisation across key areas. Our robust financial performance this quarter, with group net profit soaring to AED11.1 billion, has come to define this relentless pace of growth."
"More specifically, our performance has been shaped by the strategic decisions we made in recent years such as investments and acquisitions, as these continue to bear fruit and deliver impact. As we focus on the remainder of the year, we aim to continue pushing forward with our current momentum to maximise new and existing areas of growth," he added.-TradeArabia News Service
