ABU DHABI (WAM)
Alpha Dhabi Holding has announced a group net profit of Dh11.1 billion for the nine-month period ending September 30, 2024.
Operating net profit of Dh7.5 billion represents an 83 percent 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.
The Group posted revenue of Dh44.2 billion, an increase of 36% year-on-year (YoY), with key contributions coming from various business divisions, comprising Dh18.5 billion from Industrial, Dh13.2 billion, from Real Estate, Dh7.6 billion from Construction, Dh4.9 billion from Services & Others.
Alpha Dhabi has also bolstered its balance with total assets at Dh170.4 billion, a 21 percent increase YoY, while the company's cash balance was at Dh23.9 billion. Total equity was at Dh93 billion underscoring the depth and agility of its financial position.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, 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 Dh11.1 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."