Alpha Dhabi Holding
H r» j I n || , n i K I ri li Alpha Dhabi Holding PJSC
Brief of the major elements of the Interim Condensed Consolidated Financial Statements
Brief of the Balance Sheet: 000" AED
Particulars For the Period Ended on 30/06/2023 For the Period Ended on 30/06/2022
Total Non-current Assets 62,139,509 56,145,804
Total Current Assets 65,743,018 74,883,420
Total Current Liabilities 30,891,955 37,528,458
Total Non-current liabilities 25,112,621 23,461,806
Total Share-holders Equity 71,877,951 70,038,960
Brief of the Income Statement
"000" AED
For the Six Months Period For the Three Months Period
Particulars
Ended on Ended on
30/06/2023 30/06/2022 30/06/2023 30/06/2022
Total Revenue 22,140,899 17,128,796 9,365,664 8,961,760
Net Operating Profit 2,658,604 3,294,080 1,886,771 986,586
Net Profit for the period 10,336,928 7,897,806 3,025,195 5,058,698
Earning Per share AED 0.88 0.63 0.23 0.43
Hamad Salem Alameri
Managing Director - Alpha Dhabi Holding PJSCALPHA DHABI HOLDING
H12023
FINANCIAL RESULTS
Period ended 30 June 2023H1 2023 Financial Results
Alpha Dhabi Holding
Alpha Dhabi's H1 Net Profit Soars to AED 10.3 billion
Driven by Strategic Expansion and Investments
• Six-month financial performance showcases robust revenue at AED 22.1 billion and
net profit at AED 10.3 billion, signifying growth of 29% and 30% y-o-y respectively.
• Successful investments propel growth across diversified sectors, consolidating Alpha
Dhabi’s position as a leading regional investment holding company.
FINANCIAL PERFORMANCE AND METRICS
AEDbn H1 2023 H1 2022 YoY% Change
Revenue 22.1 17.2 29%
Net Profit 10.3 7.9 30%
EPS 0.88 0.63 40%
AED
10.3
billion AED
22.1
billion
Net Profit Revenue
AED
127.9
billion
AED
17.6
billion
Total Assets Total Cash Position
Note: YTD as at the end of H1 2023
2H1 2023 Financial Results
Alpha Dhabi Holding
Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, said:
“Alpha Dhabi's dynamic performance in the first half of the year
showcases our strength and the resilience of our diversified
portfolio. With a noteworthy revenue of AED 22.1 billion and net
profit soaring to AED 10.3 billion, we have experienced significant
growth and are steering clear of the global market uncertainties.”
“As we navigate the rest of the year, we remain steadfast on our
commitment to enhance our core investment activities through
strategic partnerships and acquisitions. The joint venture with
Mubadala is a testament to our ambition, aiming to deploy up to
AED 9 billion into global credit opportunities. This joint venture not
only reinforces our investment diversification strategy but also
paves the way for Alpha Dhabi to enter into the private credit
market.”
“We are proud of the growth and expansion we've achieved thus
far and remain committed to further strategic developments. Our
strong cash position of AED 17.6 billion allows us to confidently
invest in growth opportunities across a variety of sectors and
geographies and make astute investment decisions that add value
to our portfolio and benefit our shareholders in the short and long
term.”
Abu Dhabi, UAE; 01 August 2023: Alpha Dhabi Holding PJSC (“Alpha Dhabi” or “the Group”), one of the
fastest-growing investment holding companies in the MENA region, listed on the Abu Dhabi Securities
Exchange (ADX: AlphaDhabi), has announced its financial results for the six-month period ending 30 June
2023.
Alpha Dhabi posted remarkable H1 2023 financial results, reporting a Group net profit of AED 10.3 billion,
marking a significant increase of 30% year-on-year. The robust results reflect the Group's strategic
implementation across key verticals and its unwavering commitment to generating enhanced shareholder
value. Alpha Dhabi’s revenue also saw substantial growth, reaching AED 22.1 billion, a remarkable 29%
increase year-on-year from the same period last year.
The first half of the year has been characterized by increased revenue across all business segments,
alongside the positive impact of strategic acquisitions and investments made since 2022, primarily due to
the consolidation of Aldar Properties PJSC starting Q2 2022.
Alpha Dhabi has also broadened its investment horizon, forming a joint venture with Mubadala Investment
Company to co-invest in credit opportunities. Both Alpha Dhabi and Mubadala plan to collectively deploy
up to AED 9 billion over the next five years, utilizing Mubadala’s strategic partnership with Apollo (NYSE:
APO), one of the world’s largest alternative asset managers, to access high-quality private credit
investment opportunities. Additionally, the Group made strategic acquisitions in companies Including
3H1 2023 Financial Results
Alpha Dhabi Holding
ADMO lifestyle Limited, and National Corporation for Tourism and Hotels, demonstrating Alpha Dhabi's
commitment to expanding and diversifying its investment portfolio.
The Group's balance sheet remains resilient with AED 127.9 billion in total assets and a robust cash position
of AED 17.6 billion. The slight decrease in total assets and cash balance is mainly due to the derecognition
of Pure Health Holding and the utilization of excess cash by the Group.
Alpha Dhabi’s diverse portfolio has been a significant driver of its revenue growth, with all segments
delivering notable performance and contributing to the increase in profit. The company’s portfolios in real
estate, industrial, construction, services and other sectors, also contributed significantly, representing 23%,
31%, 19%, and 15% of the total revenue, respectively.
Guided by its robust operating model, financial strength, and agile investment approach, Alpha Dhabi
continues to be well-positioned to drive further growth and capitalize on investment opportunities. The
Group’s focus on strategic acquisitions, geographic diversification, and rigorous corporate governance
practices across the board ensures that the company continues to deliver strong and sustainable returns
for its shareholders.
ABOUT ALPHA DHABI HOLDING
Alpha Dhabi Holding (ADH), the UAE listed conglomerate, was established in 2013 and is one of the fastest
growing Abu Dhabi based investment holding companies, with more than 150 businesses spread across
healthcare, renewable energy, petrochemical and other industries as well as real estate, construction and
hospitality. With over 85,000 employees, ADH is a strategic contributor to the UAE economy and is committed
to drive continuous growth for its stakeholders through investments in emerging businesses, supporting
innovation and diversity.
MEDIA CONTACTS
Alpha Dhabi Holding Weber Shandwick
Archana Koka Mary Khamasmieh
Investor Relations Officer Head of Public Affairs
IR@alphadhabi.com M: +971 50 2731 753
E: mkhamasmieh@webershandwick.com
4Investor Relations
Alpha Dhabi Holding PJSC (“ADH”) reports a Group net
Alpha Dhabi Holding PJSC
profit of AED 10.3 Bn for the first half of 2023, showing
Ticker: ALPHADHABI
continued momentum in the execution of its strategy
Market Cap: AED 200 Bn
across key verticals and commitment to generate
(As on 31.07.2023)
higher shareholder value.
Investor Metrics:
30.0 H1 Revenue: AED Bn
Revenue 22.1
20.0 17.2
AED 22.1 Bn
29% Increase 10.0
(YOY)
-
YTD 22 YTD23
15.0 15.0
H1 Net Profit AED Bn H1 Owner’s Net Profit AED Bn
10.3
Net Profit 10.0 7.9 10.0 8.8
6.3
AED 10.3 Bn
5.0 5.0
30% Increase
(YOY) - -
YTD 22 YTD23 YTD 22 YTD23
Net Margin Earnings Per Share EBITDA EBITDA Margin
47% AED 0.88 AED 11.8 Bn 53%
+100bps YoY +40% YoY +36% YoY +200bps YoY
Total Assets Total Equity Total Liabilities Cash Balance
AED 127.9 Bn AED 71.9 Bn AED 56.0 Bn AED 17.6 Bn
2% Decrease 3% Increase 8% Decrease 31% Decrease
(YTD) (YTD) (YTD) (YTD)
Net Debt to
Total Borrowings Return on Equity
EBITDA
AED 20.4 Bn 25%
0.2x
• Return on Equity is based on LTM profits attributable to the owners
• Net Debt to EBITDA is based on LTM EBITDAInvestor Relations
Company Overview
Ranked
13th
in Middle East
85,000+ 150+
by Forbes ME
Employees Businesses
(by market
cap)
A leading Investment Holding company, with six verticals and 150+ businesses
acrossMiddleEast,Europe,AsiaandNorthAmerica,eachofwhichiscommitted
tobetransformedintoplatformsofpotential,progress,andprosperity.
Strategic Investments Financial Investments
Industrial
Investments inwhich the group hascontrol Investments in which the group does not
or significant influence and is able to haveanycontrolorsignificantinfluence.
participate and support in the growth
strategyoftherespectivebusinesses. Construction
Listed Listed
Key listed strategic investments as at Real Estate The Group was a cornerstone investor in
30June2023are theIPOsofBorougeandDEWA
Healthcare
Non-Listed Non-Listed
Energy
The group has a wide portfolio of The group has a wide portfolio of
strategic investments in privately held financialinvestmentsacrossgeographies
companiessuchasPureHealth,Mawarid such as MICAD Credit JV in partnership
Holding Investment LLC, Trojan Services with Mubadala and Alpha Wave
ConstructionGroup. Ventures.
Built on strong key values focused on maximizing share holders returns
Strengthening Portfolio Corporate Governance Effective Leadership Synergies
Significant capital The group maintains a Strong performance The group continuously
deployment, successful steadfast commitment to delivered by highly engaged seekstoidentifyanddeliver
expansion of our platform, corporate governance. colleagues and business synergies across its
and enhancing our heads of the company and portfolio.
geographic footprint. its subsidiaries.Investor Relations
Management Discussion & Analysis
ADH is pleased to present its report on the performance of the Group for the period ended 30 June 2023.
This report should be read in conjunction with the interim condensed consolidated financial statements for
thesameperiod.
Profit & loss analysis for the period ending June 2023
Income Statement Summary (AED'Bn) YTD H1 23 YTD H1 22 YOY % Q2 23 Q2 22
Revenue 22.1 17.2 29% 9.4 9.0
Gross profit 4.6 5.0 -7% 2.0 2.3
EBITDA 11.8 8.7 36% 3.7 5.6
Net Profit 10.3 7.9 30% 3.0 5.1
EBITDA Margin 53% 51% +2% 40% 62%
Net Margin 47% 46% +1% 32% 57%
Revenue: The Group generatedrevenue of AED 22.1 Bnduringtheperiodended 30 June 2023, equivalent
to29%YOYgrowth,drivenbythefollowing:
• Increased revenue across all business segments and the impact of strategic acquisitions and
investmentsmadesince2022mainlyduetoconsolidationofAldarstartingQ22022.
Gross Profit: The Group reported a gross profit of AED 4.6 Bn with a gross margin of 21% reflecting the
impactofbothorganicgrowthandacquisitions.
Expense Analysis: General and administrative expenses for the period were AED 2.2 Bn versus AED 1.5 Bn
duringthesameperiodin2022,withtheincreasearisingfromthecontinuedgrowthoftheGroup.
OtherIncome:
• During the period, the group derecognized its ownership interest in Pure Health Holding resulting in a
fairvaluegainofAED7.4Bn.
Net Profit: First half of 2023 reported a net profit of AED 10.3 Bn against AED 7.9 Bn during the
comparableperiodin2022,withayear-on-yeargrowthof30%.
Earnings per share: Earnings per share for the period was AED 0.88 per share, as compared to AED 0.63
duringthesameperiodlastyear,anincreaseof40%.Investor Relations
Balance Sheet Analysis for first half of 2023
Total Assets (AED Bn) Total Liabilities (AED Bn) Total Equity (AED Bn)
131.0 61.0
127.9 56.0 70.0 68.7 71.9
52.0
120.7
FY22 Q123 H123 FY22 Q123 H123 FY22 Q123 H123
AED Bn FY 22 Q1 23 H1 23 AED Bn FY 22 Q1 23 H1 23 AED Bn FY 22 Q1 23 H1 23
Current 74.9 61.5 65.7 Current 37.5 28.4 30.9 Owners 31.9 38.1 40.1
Non-current 56.1 59.2 62.2 Non-current 23.5 23.6 25.1 NCI & Hybrid 38.1 30.6 31.8
Total 131.0 120.7 127.9 Total 61.0 52.0 56.0 Total 70.0 68.7 71.9
Return on Equity Net Debt to EBITDA Total Debt to Equity
25% 0.2x 0.3x
Borrowings Breakdown
Borrowings
AED 20.94Bn 27%
Net Debt
External Borrowings
AED 2.8 Bn
73%
Cash
Non Convertible
AED 17.6 Bn
Suksuks
Total assets were AED 127.9 Bn compared to total assets of AED 131.0 Bn for year ended 31 December
2022. The change is in-line with the Group’s derecognition of subsidiary (Pure Health Holding) to
investmentinjointventure.
Total Liabilities were AED 56.0 Bn compared to total liabilities of AED 61.0 Bn for FY 22, with a YTD
decreaseof8%YTD.
EquityreportedfortheperiodwasAED71.9Bnasat30June2023comprisedofowner'sequityat40.1Bn,
hybridequityinstrumentsatAED1.8BnandnoncontrollinginterestsatAED29.9Bn.
CashBalancereportedason30June2023wasAED17.6Bn.
Net Debt increased to AED 2.8 Bn from a net cash position of AED 4.1 Bn at 31 December 2022 due to
decreaseincashbalanceby31%YTD.
• Return on Equity is based on LTM profits attributable to the owners
• Net Debt to EBITDA is based on LTM EBITDAInvestor Relations
Alpha Dhabi Holding
n ri il n II .J i Hi I n li
Segment Performance
The Group is organized into 5 segments segregated based on the operating activities.
Segmental Revenue Bridge (AED Bn)
■ Increase ■ Decrease ■ Total
• All the segments during the period delivered a notable performance and contributed to the increase in
profit.
• The decrease in health care segment is due to difference in accounting treatment for Pure Health from
subsidiary to an investment in associate. Overall, Healthcare contributed to 12% of total revenue.
• All the segments were profitable for the reporting period.
• Summary of segmental performance is shown in the table below:
Services &
Segments (AED Bn) Real Estate Industrial Construction Others * Healthcare Total
Revenue 5.0 6.8 4.1 3.5 2.7 22.1
Proportion to total 23% 31% 19% 15% 12% 100%
Net Profit 1.3 0.9 0.2 7.6 0.3 10.3
Proportion to total 13% 9% 2% 73% 3% 100%
Total Assets 70.6 18.0 8.5 17.3 13.5 127.9
Proportion to total 55% 14% 7% 13% 11% 100%
Services includes other small segments such as Energy and eliminationsInvestor Relations
Key Investments during the period and Subsequent Events
Key Investments
During the period, the group and Mubadala Investment Company (“Mubadala”)
formed a joint venture (20:80) to co-invest in credit opportunities. Alpha Dhabi and
Mubadala aim to collectively deploy up to ~AED 9 billion (approximately US $2.5
MICAD Credit JV billion) over the next five years, leveraging Mubadala’s long-term and strategic
partnership with Apollo (NYSE: APO), one of the world’s largest alternative asset
managers, to access high-quality private credit investment opportunities. As at 30th
June2023,thegrouphadinvestedAED99.3Mn.
Duringtheperiod,theGroupacquired36.39%NCTHforapurchaseconsiderationof
National
Corporation for AED 730 million.NCTH shares are listed on ADX and it owns, manages and operates
Tourism and
a number of hotels in Abu Dhabi and this deal makes Alpha Dhabi the single largest
Hotels (“NCTH”)
shareholderofNCTH.
Subsequent Events
The Group entered into a shareholders’ and contribution agreement to consolidate
the facilities and property management platform of the Aldar and Eltizam Asset
Aldar and
EltizamAsset Management LLC, a property and facilities management services company, owned
Management LLC
by IHC Real Estate Holding LLC and Abu Dhabi National Exhibitions Company PJSC
intoAldarEstatesHoldingLimited.Investor Relations
Alpha Dhabi Holding
d ri |l n II LdJi
Future Plans
Management confirms its commitment to support and enhance the core investment activities of the
company to drive continuous growth via:
• The addition of exciting new operating assets through acquisitions and geographic diversification
• Implementing robust and exemplary corporate governance across the ADH portfolio of businesses to
ensure strong growth is supported by an effective framework of controls.
Managing Director
About Alpha Dhabi Holding
Alpha Dhabi Holding (ADH), the UAE listed conglomerate, was established in 2013 and is one of the fastest
growing Abu Dhabi based investment holding companies, with more than 150 businesses spread across
healthcare, renewable energy, petrochemical and other industries as well as real estate, construction and
hospitality. With over 85,000+ employees, ADH is a strategic contributor to the UAE economy and is
committed to drive continuous growth for its stakeholders through investments in emerging businesses,
supporting innovation and diversity

Sentiment: positive