Alpha Dhabi Holding's 2021 net profit surges following an 'exceptional year'

Alpha Dhabi Holding's 2021 net profit surges following an 'exceptional year'

Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a sharp rise in its net profit for 2021 as revenue surged following an “exceptional year” for the conglomerate.

Net profit for the 12-month period grew to Dh5.16 billion ($1.4bn), up from Dh218 million in 2020, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue almost quadrupled annually to Dh18.8bn in 2021, compared to Dh3.78bn in 2020.

“2021 has been an exceptional year for the company in so many ways. The results should therefore be read bearing in mind the events which took place in the middle of the year 2021, which transformed the company into one of Abu Dhabi's premier listed investment groups,” the company said.