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Alpha Dhabi explores buyouts despite profit drop

By Pramod Kumar
Alpha Dhabi Holding will be 'both active and agile by exploring possibilities, including the adoption of artificial intelligence solutions', said CEO Hamad Al Ameri Wam
Alpha Dhabi Holding will be 'both active and agile by exploring possibilities, including the adoption of artificial intelligence solutions', said CEO Hamad Al Ameri

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.

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.

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