Alpha Dhabi Holding has reported a net profit of AED 5.058 billion ($1.38 billion) in Q2 2022, as it completes its first year since listing on Abu Dhabi Securities Exchange (ADX).

Financial results published to ADX showed profits had increased from AED 1.626 billion in the second quarter of 2021.

In a press release, Alpha Dhabi highlighted its H1 2022 profits of AED 7.9 billion ($2.15 billion), 4.65 times that of the H1 2021, claiming a “record breaking” financial performance.

Revenues in Q2 2022 doubled to AED 9 billion from AED 4.5 billion in 2021, while revenues for H1 2022 were AED 17.1 billion, up from AED 5.5 billion in the same period in 2021.

In its press release on its H1 financial performance issued to ADX, the company said it is seeing the benefits of its expansion outside of the UAE with overseas revenue accounting for AED 2.1 billion up to 30 June 2022, which it said was a 514% YoY increase.

The company increased its stake in Abu Dhabi-listed Aldar Properties during the second quarter to become its parent company, meaning it included Aldar’s financial position as parts of its financial statements, the press release said. 

The real estate developer yesterday reported soaring profits, up 62% year-on-year for Q2 2022.

“This consolidation has transformed Alpha Dhabi’s financial position and added immense potential and growth opportunities to its already substantial platform,” Alpha Dhabi said.

Details reported in the holding company’s Q2 financial statements showed it considered itself in control of Aldar based on the fact that it now owns 32% of its share capital and appointed four of its seven board members as of April 11 2022, giving it a simple majority.

Alpha Dhabi’s total assets doubled from AED 47.3 billion at the end of 2021 to AED 101.3 billion as at H1 2022, the release added, and has a strong cash position of AED 16.6 billion to continue executing transactions.

(Writing by Imogen Lillywhite; editing by Seban Scaria)