Abu Dhabi – Mubasher: The net profits of Alpha Dhabi Holding amounted to AED 4.59 billion in the first quarter (Q1) of 2024, down from AED 7.31 billion in Q1-23.

The ADX-listed group posted revenues totalling AED 14.19 billion in Q1-24, marking an annual leap from AED 12.77 billion, according to the interim consolidated financial results.

Earnings per share (EPS) plummeted to AED 0.33 as of 31 March 2024 from AED 0.65 a year earlier.

Hamad Al Ameri, CEO of Alpha Dhabi Holding, said: “Our record revenue of AED 14.19 billion as well as a jump of 232% in net profit across our core operations reflect the pace at which we're moving to capture opportunities across our diversified portfolio and throughout the investment landscape.”

“The strong performance in the quarter is attributed to a combination of factors, most notably organic expansion across its portfolio and strategic acquisitions, underscoring the group’s commitment to enhancing shareholder value,” Al Ameri underlined.

He elaborated: “Total gains in the quarter at AED 2 billion, were lower than the corresponding period in 2023 when the group de-recognised Pure Health. The reduction in gains, together with the adoption of Corporation Tax in the UAE in 2024, contributed to a decrease in group net profit, overall.”

“The group’s financial position remains strong, boasting total assets of AED 147.40 billion as well as having equity of AED 79 billion,” the CEO added.

Last year, Alpha Dhabi Holding generated 25% higher net profits at AED 13.28 billion, compared to AED 10.60 billion in 2022.

In April 2024, the UAE-based group unveiled a strategic partnership to sell  49% equity in its subsidiary Alpha Dhabi Construction Holding (ADCH) to ADQ.