Alpha Dhabi explores buyouts despite profit drop

Wam

Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, reported a net profit of AED4.6 billion ($1.3 billion) for the first quarter of 2024, a decrease of 37 percent year on year.

Revenue rose 11 percent annually to AED14.2 billion and total assets rose 5 percent year on year at AED147 billion at the end of the first quarter. Total liabilities increased 6 percent annually to AED68 billion. 

The company reported a 29 percent year on year increase in its cash balance to AED21.5 billion.

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Alpha Dhabi is strategically poised to forge ahead with its growth ambitions which will include further possibilities for acquisitions and geographical diversification, the company said in a statement.

“We will be both active and agile by exploring possibilities, including the adoption of artificial intelligence solutions, that expand and add depth to our portfolio,” CEO Hamad Al Ameri added.

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The company operates in eight verticals and more than 250 businesses across the Middle East, Europe, Asia and North America.

In February, a joint venture between Adnoc Drilling and Alpha Dhabi plans to surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe.