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Another day, another batch of earnings reports — this time from Alpha Dhabi, Empower, Al Khaleej Investments, and the National Corporation for Tourism and Hotels.
ALPHA DHABI-
Alpha Dhabi reports record revenues: Investment holding company Alpha Dhabi saw its net income fall 37% y-o-y to AED 4.6 bn in 1Q 2024, according to the firm’s quarterly financials (pdf). The decline in net income was attributed to the recently introduced corporate tax and the merger of Pure Health with ADQ’s healthcare subsidiaries in 2022.
Alpha Dhabi’s revenues stood at a record AED 14.2 bn during the quarter, up 11% y-o-y. Its net operating income jumped 232% y-o-y to AED 2.56 bn, according to a separate summary of its financials (pdf).
Strategic partnerships and acquisitions also contributed to robust performance. Alpha Dhabi transferred its 25% stake in Gordon Technologies to its recently formed JV with Adnoc Drilling during the quarter, and shed a 49% stake in its construction unit Alpha Dhabi Construction Holding to ADQ. The company also sold three of its hotel businesses in exchange for 1.25 bn new shares in the National Corporation for Tourism and Hotels, and launched a global lifestyle vertical with Admo Lifestyle Holding via its luxury lifestyle subsidiary ADMO.
Looking ahead: “As we chart the path forward into 2024, our aim is to build on this energy by unlocking exciting opportunities here in the UAE as well as expanding our global footprint. To do this, we will be both active and agile by exploring possibilities, including the adoption of Artificial Intelligence solutions, that expand and add depth to our portfolio,” said Alpha Dhabi CEO Hamad Al Ameri.
EMPOWER-
A marginal drop in Empower’s bottomline: Emirates Central Cooling Systems Corporation (Empower) recorded a 1% drop y-o-y in net income in 1Q 2024 to AED 167.4 mn, according to its financial statements (pdf). The company’s revenues were up 8.8% y-o-y to AED 537.7 mn.
Empower’s portfolio expanded in 1Q: The company began the process of connecting Dubai’s Al Wasl skyscraper to its district cooling network last month and inked an agreement with Al Habtoor Group to supply Al Habtoor Tower with district cooling services.
Empower expects revenues to keep rising: Stricter government regulations are anticipated to curb greenhouse gases in the coming years which will likely boost the expansion of district cooling, which offers more energy efficiency than conventional systems, the statement adds.
AL KHALEEJ INVESTMENTS-
Al Khaleej Investments turns to the black in 1Q: Ras Al Khaimah-based Al Khaleej Investments turned to profitability in 1Q 2024, reporting a net income of AED 4.6 mn over the period, compared to the AED 1.8 mn loss recorded in the same quarter last year, according to its earnings release (pdf). Its top line remained mostly flat during the first three months of 2024, with revenues standing at AED 4.27 mn during the quarter.
NATIONAL CORPORATION FOR TOURISM AND HOTELS-
The National Corporation for Tourism & Hotels saw its net income grow to AED 19.6 mn in 1Q 2024, marking a modest 2% y-o-y increase, according to its earnings release (pdf). The hospitality firm’s revenues also inched up 0.9% y-o-y to AED 171.7 mn during the three-month period.
