Alpha Dhabi FY2024 Revenue Soars 40% To A Record $17.26bn

Alpha Dhabi Holding has significant stakes in various Abu Dhabi companies, including Aldar, Alpha Dhabi Construction Holding, NMDC Group, Enersol, Pure Health, Modon and National Corporation for Tourism and Hotels (NCTH), apart from 250 other companies.

Alpha Dhabi’s FY24 jump

In a filing with Abu Dhabi Securities Exchange (ADX), the company attributed the surge in revenue to strategic value-accretive investments into high-growth sectors.

With good performances across all its key verticals, net profit for the full year stood at AED 13.5 billion ($3.68 billion), while net profit from operations reached AED 10 billion ($2.72 billion), up 82 per cent from AED 5.5 billion ($1.5 billion) in FY 2023.

The growth experienced across key business sectors is a direct result of strategic acquisitions and investments made by the group. The group’s revenue came from key contributions across its various business divisions, with Industrial and Real Estate leading the way with revenues of AED 26.3 billion ($7.16 billion) and AED 18.1 billion ($4.93 billion) respectively. Construction contributed AED 11.8 billion ($3.21 billion) and Services & Others brought in AED 7.2 billion ($1.96 billion).

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, commented: “2024 was a blockbuster year for Alpha Dhabi marked by deep, transformational growth across dynamic industries and markets. Across the year, we demonstrated the power of hard work, careful strategic planning, and decisive action, which have delivered many accomplishments to be proud of.

“We’re increasingly confident that our investments in high-growth sectors will bring long-term value for our shareholders, setting the tone for many more successful years to come.”

Alpha Dhabi also reinforced its balance sheet with total assets standing at AED 177.5 billion ($48.33 billion), a 26 per cent increase YoY. The company’s cash balance at the end of 2024 was AED 28.8 billion ($7.84 billion), while total equity was at AED 92.3 billion ($25.13 billion).

Throughout the year, Alpha Dhabi Holding was active through its subsidiaries across priority sectors. In the energy sector, Enersol, its joint venture with ADNOC Drilling, marked four major acquisitions. In the hospitality sector, ADMO Lifestyle Holding and National Corporation for Tourism & Hotels delivered several key developments. The Industrial sector saw growth with NMDC Energy’s Initial Public Offering (IPO). The Construction sector also posted significant activity, mainly through Alpha Dhabi Holding successfully completing its divestment of 49 per cent of its subsidiary Alpha Dhabi Construction Holding (ADCH) to ADQ.

Hamad Al Ameri, Managing Director and Group Chief Executive Officer of Alpha Dhabi Holding, added: “Our financial performance across 2024, including our net profit increase and record-breaking revenue growth represents years of preparedness and persistence where we’ve had the courage to be ambitious and we’ve been assertive in our actions.

“We view our success this year as another steppingstone that will advance us forward, further and farther than before with a relentless momentum into an exciting new phase of growth, diversification, and expansion.”

The company was confident of taking the momentum forward in 2025, and its ADX filing said: “Paving the way forward, Alpha Dhabi Holding’s successful 2024 results have set an important precedent for 2025. The holding company will continue to set its sights on growth, advancing action both horizontally and vertically to sustain the momentum of 2024.”