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Alpha Dhabi, one of the fastest growing investment holding companies in the MENA region, posted solid first-quarter results, with net profit up 161% year-on-year to AED7. resulting fair value gains.
Announcing its financial results for the three-month period ending March 31, 2023, Alpha Dhabi said its revenue had also grown significantly, reaching AED 12.8 billion, a 56% year-on-year increase compared to last year’s AED 8.2 billion. Contributions from the US dollar, existing real estate and industrial portfolios continued to be strong drivers of growth for the Group.
Alpha Dhabi continues to pursue acquisitions and investments as part of its growth strategy, and announced a partnership with Mubadala to co-invest in global credit opportunities, the company said in a statement.
Alpha Dhabi and Mubadala aim to jointly deploy up to AED9 billion over the next five years, leveraging Mubadala’s long-term strategic partnership with Apollo, one of the world’s largest alternative asset managers, to access high-quality private credit investment opportunities .
Mubadala will hold an 80% stake in the Abu Dhabi Global Market joint venture entity, with the remaining 20% ​​held by Alpha Dhabi.
The deal also represents Alpha Dhabi’s entry into the private credit market as it continues to execute on its diversification strategy and capitalize on investment opportunities in new markets, it said.
It added that growth was supported by Alpha Dhabi’s portfolio expansion outside the UAE, with overseas revenue of AED900 million in the first three months of 2023, up 7% year-on-year.
Backed by strong investment activity, Alpha Dhabi’s balance sheet remains strong with total assets of AED120.6 billion, up 129% year-on-year.
The group said it is well-funded with a strong cash position of AED 16.6 billion to support and drive growth and expansion across sectors and geographies.
Commenting on the first quarter results, Chief Executive Officer Hamad Al Ameri said: “Alpha Dhabi has delivered another string of excellent financial results as we continue to strengthen our position as a leading regional investment holding company. Our diverse businesses continue to Market sentiment in a strong, positive UAE is underpinned by strong economic fundamentals and a buoyant capital market landscape that contrasts with the global outlook.”
“Through our strong operating model, financial profile, record of capital deployment and flexible investment approach, Alpha Dhabi remains uniquely positioned to continue to drive further growth and capitalize on investment opportunities, while creating value for shareholders in the short and long term,” He said.
Al Ameri noted that the company had a strong start to the year, with performance from its diversified portfolio continuing last year’s momentum.
“Going forward, we will continue to grow our core verticals organically and through additional investments and acquisitions. We will continue to effectively deploy capital in value-add opportunities to support the market leadership of our portfolio companies,” he added road.-TradeArabia News Service
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