Alpha Dhabi Holding, with interests in healthcare, real estate and construction, has reported net profit of AED9 billion ($2.45 billion) for the nine-month period ending 30 September 2022, up 150 percent year-on-year from AED3.6 billion ($980 million).
In its filing, the group said revenues grew significantly standing at AED26.6 billion ($7.24 billion), representing a year-on-year increase of 133 percent with strong contributions from its existing portfolio. in the healthcare sector, which continues to see strong demand, and from the real estate, construction, and industrial verticals, which continue to be strong drivers of growth for the group.
During the period, Alpha Dhabi continued to pursue acquisitions and investments as part of Its growth strategy. Through its subsidiary Pure Health, it acquired a minority equity stake in Ardent Health Services (pending approval), the fourth largest privately held acute care hospital operator in the US.
It also acquired a minority stake in Kalyon Enerji, a clean and renewable energy company based in Turkey, which is Alpha Dhabi’s first foray into the Turkish market, as it continues to execute its diversification strategy and capitalise on investment opportunities in new markets.
The group remains well-funded with a strong cash position of AED16.9 billion ($4.6 billion) to support and drive the company’s growth and expansion across both sectors and geographies.
Hamad Al Ameri, CEO of Alpha Dhabi Holding said the company will continue to build its portfolio aggressively and use its strong liquidity to do so.
Al Ameri added: “Alpha Dhabi has delivered another set of record financial results as we continue to cement our position as a leading regional investment holding company. Our diversified business continues to grow from strength to strength with a positive market sentiment in the UAE and a buoyant capital markets landscape in contrast with the global outlook.
“Over the year, we deployed and committed a significant amount of capital adding considerable scale and diversification to our portfolio as we expanded into new markets and enhanced earnings growth across our platform. Looking ahead and backed by a strong liquidity position, we will remain active on the investment and acquisition front as we continue to deploy capital effectively in value-accretive opportunities that meet our strict return thresholds and also allow us to build scale and diversify our platform further while creating value for our shareholders.”
Alpha Dhabi’s portfolio expansion outside the UAE continues to bear fruit with overseas revenue accounting for AED3.4 billion ($930 million) year-to-date 2022, representing a 160 percent increase.
Alpha Dhabi’s balance sheet remains strong and continues to grow with AED109.1 billion in total assets, up significantly from year-end 2021 on the back of strong investment activity and the recent consolidation of Aldar Properties.
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