Alpha Dhabi Holding reported a 25% increase in net profit for 2023, reaching Dh13.3 billion. The company’s revenue also rose by 14% year-on-year to Dh45.4 billion.
“As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions,” said Eng. Hamad Al Ameri, Managing Director and CEO of Alpha Dhabi Holding. “Our joint ventures with ADNOC Drilling and Mubadala is a testament to this ambition, as we will deploy up to Dh2.1 billion into oil field services and Dh1.7 billion into global credit opportunities.”
The company’s balance sheet remained strong, with Dh140.4 billion in total assets and Dh20.2 billion in cash. Revenue growth was attributed to diverse portfolio segments, including industrial, real estate, and construction.
Joint ventures
The company highlighted its focus on key verticals and announced joint ventures with Mubadala and ADNOC Drilling.
Alpha Dhabi formed a joint venture with Mubadala Investment Company to co-invest in credit opportunities. Alpha Dhabi and Mubadala plan to collectively deploy up to Dh9 billion over the next five years, utilising Mubadala’s strategic partnership with Apollo to access high-quality private credit investment opportunities.
The group also formed a joint venture in collaboration with ADNOC Drilling. This venture is set to spearhead the development of an oil field services technology and solutions platform with a commitment amounting to Dh5.5 billion. As part of this, the group contributed its 25% stake in Gordon Technologies to Enersol Rsc for a consideration of Dh320 million.
Additionally, Alpha Dhabi made strategic acquisitions in companies, including ADMO Lifestyle Limited and National Corporation for Tourism and Hotels.