Alpha Dhabi Reports Robust Q1 Results with Strategic Growth and Technological Innovation
Alpha Dhabi Holding has released its financial results for the first quarter of 2024, revealing significant contributions from key sectors and strategic initiatives aimed at expanding its market presence.
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Alpha Dhabi Holding has announced a remarkable increase in revenue of 11% to a new high of $3.87 billion (AED14.2 billion) and a net profit of $1.25 billion (AED4.6 billion) for the first quarter of 2024. This represents a year-on-year revenue growth and a significant 232% rise in net operating profit compared to the same period last year. Additionally, the company’s cash balance rose by 29% to $5.85 billion (AED21.5 billion).
The company attributes its robust quarterly performance to organic growth and strategic acquisitions. Hamad Al Ameri, CEO of Alpha Dhabi Holding, commented on the achievements, stating that Alpha Dhabi has commenced 2024 robustly, continuing the strong performance from 2023 and maintaining the aggressive growth trajectory. The top-line growth and the substantial increase in net operating profit demonstrate the company’s rapid progress in seizing opportunities across the diverse portfolio and the broader investment landscape.
However, the total gains for the quarter did not reach the levels of the same period in 2023 due to the de-recognition of Pure Health and the new corporate tax regulations introduced in the UAE in 2024, which affected the overall net profit. Despite this, Alpha Dhabi maintains a strong financial standing with total assets valued at $40.14 billion (AED147.4 billion) and equity of $21.0 billion (AED79.0 billion).
In a statement to the Abu Dhabi Securities Exchange (ADX), the company outlined its strategic position to drive further growth, including additional acquisitions and geographic diversification. The diverse nature of Alpha Dhabi’s portfolio continues to drive revenue growth and increase net operating profit.
The earnings of the company were notably enhanced by its industrial, real estate, and construction sectors, which contributed 37%, 33%, and 18% to the totalrevenue, respectively. Al Ameri highlighted the company’s strategic focus for the future, expressing that as they progress into 2024, their aim is to leverage new opportunities both domestically and globally. By incorporating innovations like Artificial Intelligence into their portfolio, they plan to advance the growth story of Alpha Dhabi to new and unprecedented levels.
Founded in 2013, Alpha Dhabi Holding now encompasses over 250 businesses across various sectors including healthcare, renewable energy, petrochemicals, real estate, construction, and hospitality, and employs more than 95,000 people.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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