Alpha Dhabi profit rises sharply on acquisitions

Alpha Dhabi profit rises sharply on acquisitions

Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a sharp rise in second-quarter net income as it continues to expand business through strategic acquisitions.

Net income attributable to shareholders of the company for the three months to the end of June climbed to Dh731.12 million ($199m), from Dh28.45m a year earlier, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

The company's quarterly net income after tax climbed to Dh1.62bn, from Dh27.75m in the second quarter of 2020.

The rise in profitability reflects “the impact of the transformative change during the year”, Alpha Dhabi said.

Alpha Dhabi shares climbed almost 2 per cent to Dh27 on more than 54 million shares trade at 11:40am. Its parent IHC advanced 2.9 per cent to Dh134.80 while Abu Dhabi's benchmark general index rose 0.74 per cent.