UAE Business: Alpha Dhabi posts record H1 net profit of $2.15bn – Gulf Digital News

UAE Business: Alpha Dhabi posts record H1 net profit of $2.15bn – Gulf Digital News

Alpha Dhabi Holding, one of the fastest-growing investment holding companies in the UAE, has reported a record H1 2022 net profit of AED7.9 billion ($2.15 billion), up significantly from the corresponding period last year of AED 1.7 billion.

Revenues for the group saw positive contributions and cross sector growth across its verticals year-on-year.

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 AED17.1 billion, up year-on-year from AED5.5 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 AED2.1 billion up to 30 June 2022, representing a 514% increase year-on-year, said the company.

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.