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“Alpha Abu Dhabi” recorded strong growth in its net profit, which amounted to 7.3 billion dirhams in the first quarter of 2023, which represents an increase of 161%, thanks to the growth strategy that it developed and began to implement, and the conversion of Pure Health from a subsidiary to investments in a partnership.
Revenues amounted to 12.8 billion dirhams, an increase of 56% compared to 8.2 billion dirhams in the corresponding period of last year, with the continued success of Alpha Abu Dhabi and its accelerating momentum through the implementation of its strategy for growth and expansion across its core sectors and various platforms.
Hamad Al-Amiri: Business growth amid positive elements of the UAE markets
Eng. Hamad Salem Mohammed Al-Amri, CEO of Alpha Abu Dhabi Holding Company, said: “Alfa Abu Dhabi has once again achieved excellent financial results as it continues to consolidate its position as a leading regional investment holding company. Our diversified business continues to grow in light of the positive conditions and fundamentals in the UAE markets, supported by strong economic foundations and a booming capital markets, contrary to global expectations.
He added, “We have started this year strong, with our diversified portfolio continuing the same momentum we witnessed last year. Looking to the future, we will continue to develop our core sectors through new investments and acquisitions. We continue to actively invest capital in the market leadership opportunities for our companies.”
Pure Health
The reason for the significant increase in profits is due to the conversion of Pure Health from a subsidiary to investments in a partnership, in addition to the significant growth in revenues to reach 12.8 billion dirhams, which represents an increase of 56% on an annual basis, with the continued growth of the company’s real estate and industrial business, which They are strong and steady drivers of group growth.
Alpha Abu Dhabi continues to make acquisitions and investments as part of its growth strategy, and has announced a partnership with Mubadala to co-invest in global credit opportunities. The two companies aim to invest up to 9 billion dirhams ($2.5 billion) over the next five years, taking advantage of Mubadala’s long-term and strategic partnership with Apollo, one of the largest alternative asset management companies in the world, with the aim of accessing future investment opportunities. outstanding fiduciary. Mubadala owns 80% of the joint venture, while Alpha Abu Dhabi owns the remaining 20%.
This deal is considered Alpha Abu Dhabi’s gateway to the private credit market as it continues to implement its diversification strategy and take advantage of investment opportunities in new markets. This expansion of Alfa Abu Dhabi’s business outside the UAE underscores the group’s growth, with overseas revenues reaching Dh9 billion in the first three months of 2023, representing an increase of 7% year-on-year.
Strong budget
Alpha Abu Dhabi’s balance sheet remained strong with total assets at AED 120.6 billion, representing an increase of 129% year-on-year, on the back of strong investment activity. The group continues to be well funded with a strong cash position of 16.6 billion dirhams to support and drive growth and expansion in all sectors and geographies. The Company, through its strong operating model, financial position, and track record in executing capital and rapid investment, will remain uniquely positioned to continue to drive further growth and capitalize on investment opportunities while creating shareholder value in the short and long term.
