Alpha Dhabi records Dhs4.6b net profit in Q1 2024

Alpha Dhabi Holding reported a Group Net Profit of Dhs4.6 billion for the first quarter of 2024, showing continued momentum in executing its strategy across key verticals and commitment to generating higher shareholder value.

With strong financial results across the Group, Q1 ‘24 was marked by record Revenue of Dhs14.2 billion (an 11% increase year-on-year ‘YoY’).

The period also witnessed a stellar jump of 232% in net profit from operations compared to Q1 2023. The Group also reported a 29% YoY increase in its cash balance to Dhs21.5 billion.

“Alpha Dhabi’s significant profitability demonstrates our ability to effectively execute our growth strategy, and it points to the ongoing pursuit of excellence,” said Mohamed Thani Alrumaithi, Chairman of Alpha Dhabi Holding. “Overall, our results for the quarter tell a story of continual year on year growth, sending a strong signal about our commitment to vital sectors in the UAE’s present and future economy.”

CEO of Alpha Dhabi Holding Hamad Al Ameri said, “Alpha Dhabi has started 2024 in the same way as we finished 2023, by delivering strong performance and building on our relentless growth momentum. Our record revenue of Dhs14.2 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. Fundamentally, we’re primed to continue making investments that position us for future growth and deliver meaningful impact across our vibrant economy.”