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UAE’s Alpha Dhabi Holding (ADH), a subsidiary of International Holding Company (IHC), has reported a surge in net profit for the first nine months of the year, driven by multiple investments in various sectors.
From January to September 2021, the company’s net profit reached more than 3.6 billion dirhams ($980 million), far eclipsing the previous year’s net profit of 184.8 million dirhams, ADH said in a filing to the Abu Dhabi Securities Exchange (ADX).
The company made a series of investments this year, including huge stakes in companies engaged in various sectors, such as healthcare, hospitality, and oil and gas, among many others.
The acquisitions have contributed more than 31 billion dirhams to the company’s asset growth over the nine-month period, ADH said.
“[The] company registered remarkable growth in its financials in the current period due to these strategic investments,” the statement said.
Revenue for the first nine months of the year also went up 341 percent year on year to more than 11.4 billion dirhams.
Investments in real estate, construction and industrial businesses contributed a huge chunk (57 percent) of the total revenue.
The growth was also largely driven by ADH’s investments in the healthcare sector, which has seen huge demand during the pandemic, contributing 34 percent of total revenue.
The company has recently acquired 63 percent shares in Pure Health Medical Supplies, which is engaged in hospital and laboratory management services and residency visa testing services.
ADH also acquired 70 percent shares in Mawarid Holding Investment, which provides management services to companies and private institutions, as well as 100 percent of the share capital of Sublime Commercial Investment, which holds ADH’s investment in UAE developer Aldar Properties.
Expanding its footprint in other sectors, the company also took over this year the entire share capital of Murban Energy Limited, which has investments in the hospitality, facility management services and oil and gas services sectors.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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© ZAWYA 2021
