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Tuesday, May 30, 2023

Alpha Dhabi doubles net profit to $2.8 billion; revenue hits $11 billion

Alpha Dhabi Holding, a major investment company with an interest in the construction and hospitality sector, has announced that its 2022 net profit will rise by a stunning 104% year-on-year to AED10.6 billion from AED5.2 billion (US$1.4 billion) the previous year ($2.8 billion).

In announcing its financial results for the full year ending December 31, 2022, Alpha Dhabi said it had also achieved significant growth in revenue, reaching AED40 billion, an increase of 114% year-on-year.

“Growth was mainly driven by strong contributions from the existing portfolio and new acquisitions, especially in core verticals such as property and construction, healthcare and industrials. These sectors remain the main growth engines for the group,” he said.

Hamad Al Ameri, CEO of Alpha Dhabi Holding, said: “Alpha Dhabi continues to go from strength to strength as we complete our first year as a public company, which sets the tone for 2022 and ushers in a new phase of growth for Alpha Dhabi. We Delivered Our record performance was driven by the successful execution of our growth agenda, which continues to advance at a rapid pace, increasing the scale, diversification and profitable growth of our Group.”

Its net profit exceeded the AED10 billion net profit guidance provided at the beginning of the year, demonstrating the group’s ability to exceed its target.

“Looking ahead to 2023, we are committed to building on the strong deal activity and performance momentum we achieved in a transformational year,” began Al Ameri.

“Our financial strength and accelerated growth are generating significant sustainable value and will position us well for the year ahead as we continue to build on our position as a leading regional investment holding company and the UAE’s thriving investment and business environment position as a key player in the

Overall, Alpha Dhabi’s full year 2022 financial results demonstrate the Group’s successful execution of its strategic priorities and its ability to generate attractive returns for shareholders, supported by the strong fundamentals of the UAE economy and markets.-TradeArabia News Service

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