The incident happened shortly after jury selection for the hush-money trial was completed
Alpha Dhabi Holding on Friday reported net profit of Dh7.9 billion, up significantly from the corresponding period last year of Dh1.7 billion.
Revenues for the group saw positive contributions and cross sector growth across its verticals year-on-year basis. On a half-yearly basis, the group continues to show the strength of its business model, operating structure and ability to execute on its growth strategy with revenues of Dh17.1 billion, up considerably year-on-year from Dh5.5 billion for the same period last year.
Alpha Dhabi is also starting to see the benefits of its expansion outside of the UAE with overseas revenue accounting for Dh2.1 billion, representing a 514 per cent increase year-on-year basis.
In April 2022, Alpha Dhabi increased its stake in Aldar Properties, solidifying its position as a long term, strategic shareholder and firm believer of Aldar’s growth potential and strategy. As a result, Alpha Dhabi was able to appoint a majority of Aldar’s board of directors resulting in it becoming Aldar’s parent company.
Consequently, Alpha Dhabi’s financial statements include the results and financial position of Aldar as a subsidiary from the date of acquisition. This consolidation has transformed Alpha Dhabi’s financial position and added immense potential and growth opportunities to its already substantial platform.
“As our platform continues to grow from strength to strength, we remain active in seeking and pursuing investment opportunities that meet our financial and return thresholds," Hamad Al Ameri, CEO of Alpha Dhabi Holding, said.
"We are also looking for investments with a strategic element where we can leverage our platform, operating subsidiaries and size to drive further growth. As we continue on our journey to build scale, we will also realise synergies and create significant value for our shareholders,” he said.
This announcement follows the first full year since Alpha Dhabi’s successful direct listing on ADX in June 2021 and its transformation into one of the largest investment holding companies in the UAE.
The first half of 2022 has seen Alpha Dhabi ramp up transaction activity, building on its strong momentum and performance since its listing on ADX, both on the strategic and financial fronts across its core verticals.
Over the last 12 months, Alpha Dhabi has continued to build scale, enhance diversification, balance its growing portfolio and deploy capital effectively through both organic growth and as well as strategic investments and acquisitions. These growth initiatives, along with the impact of consolidating Aldar, have led to a sizeable increase in Alpha Dhabi’s total assets which have more than doubled from Dh47.3 billion at the end of 2021 to Dh101.3 billion as at first half of 2022, providing the group with a solid platform and scale to drive forward its growth ambitions
As a result, Alpha Dhabi is capitalised, well-funded and has a strong cash position of Dh16.6 billion to continue executing transactions and deploying capital as it carries on its expansion across its sectors and geographies of focus.
In line with a clear investment mandate and ability to be agile in its investment approach, Alpha Dhabi remains well-positioned to deliver on its financial and strategic goals through 2022 and beyond.
— business@khaleejtimes.com
The incident happened shortly after jury selection for the hush-money trial was completed
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