Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a sharp jump in its net profit during the third quarter of this year as revenue surged thanks to acquisitions.
Net profit attributable to shareholders of the company for the three months to the end of September increased to Dh1.3 billion ($353.9 million), from Dh81.3m during the same period the previous year, the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
Alpha Dhabi's quarterly net income after tax climbed to Dh1.92bn, from Dh80.6m during the period. Meanwhile, revenue surged to Dh5.9bn, boosted by the company's acquisitions.
"Since listing on the Abu Dhabi Securities Exchange in June 2021, we have continued along our growth path with a series of further strategic acquisitions and investments that reflect the company’s commitment to building a substantial portfolio by developing, acquiring and investing in emerging companies, supporting innovation, diversity and a total commitment to all our customers and shareholders while maintaining a sustainable business infrastructure," said Hamad Al Ameri, managing director and chief executive of Alpha Dhabi Holding.
Alpha Dhabi, which was was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions this year.
It acquired the entire share capital of Murban Energy, a company with investments in the hospitality, facility management services and oil & gas services sectors and a 70 per cent stake in Mawarid Holding Investment, which is engaged in Sharia-compliant financing and investing activities through Aafaq Islamic Finance.
Alpha Dhabi also bought 100 per cent of the share capital of Sublime Commercial Investment, through which it holds a stake in Aldar Properties.
The company bought a 65.11 per cent stake in National Marine Dredging Company and 40 per cent of Response Plus Medical, which is involved in management of ambulance services and home health services.
In addition to this, it fully acquired Sandstorm Motor Vehicles Manufacturing and a hotel in the Chechen Republic. Alpha Dhabi said it increased its stake in Purehealth, a healthcare provider, to 63 per cent and acquired 95 per cent of Emirates Gateway Security Services, the security provider.
Alpha Dhabi's net profit during the first nine months surged to Dh3.6bn while revenue jumped 341 per cent to Dh11.4bn, driven by investments in various sectors, the company said. Revenue from the healthcare sector contributed 34 per cent of the total, while real estate, construction and industrial businesses accounted for about 57 per cent.