Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, more than doubled its annual net profit in 2022 as revenue surged during the 12-month period.
Net profit rose to Dh10.6 billion ($2.9 billion) in 2022, from Dh5.2 billion in 2021, the company said on Friday in a bourse filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue increased to Dh39.6 billion last year, up 112 per cent from Dh18.7 billion in 2021, according to the statement.
“Management confirms its commitment to support and enhance the core activities of the group to attain continuous growth,” Alpha Dhabi said in its preliminary results statement.
Alpha Dhabi, which 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 in 2021 and 2022.
Last month, Alpha Dhabi and the emirate's sovereign wealth fund Mubadala Investment Company formed a joint venture to invest in private credit opportunities amid a tightening monetary environment globally.
Alpha Dhabi, which was established in 2013, was listed on the ADX in June 2021. Since then, it has been on an expansion spree, tapping into a number of industries, including Elon Musk's SpaceX.
Its long-term investment and global expansion strategy is aimed at diversifying its portfolio to deliver strong investor returns, and the company has undertaken a number of acquisitions to realise its goals.
In December 2022, Alpha Dhabi acquired a stake in European luxury lifestyle group Nammos, boosting its portfolio in the hospitality and food and beverage industry.
Among its major moves are increasing its stake in Aldar Properties in June 2022 to become the parent company of the Abu Dhabi-based developer, as well as its acquisition of a 25 per cent stake in oil and gas engineering company Gordon Technologies for Dh602 million in November 2022.
Alpha Dhabi's operating profit last year increased to Dh6.1 billion, from Dh4.2 billion a year ago.
The company's total assets jumped to Dh131 billion as of December 31, from Dh47 billion at the end of 2021, which is more than double its total liabilities of Dh62 billion, the bourse filing said.
