Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, said its second-quarter net profit surged as revenue more than doubled. Net profit after tax attributable to the owners of the company in the three-month period to the end of June jumped to more than Dh4.3 billion ($1.2bn), from Dh731 million in the same period a year earlier, the company said in a <a href="https://adxservices.adx.ae/WebServices/DataServices/contentDownload.aspx?doc=2643324">statement</a> to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue more than doubled to nearly Dh9bn in the second quarter, from nearly Dh4.5bn in the same period a year earlier,<b> </b>led by a strong performance in the company's healthcare, construction and hospitality businesses. “Alpha Dhabi has reported a record-breaking set of results … that showcase its resilience and the diversified nature of our platform,” said chief executive Hamad Al Ameri. “We have witnessed growth and strong contributions from all our verticals. Our excellent financial and investment performance also represents the transformative year that we have had and provides us with a solid foundation to build and drive further value going forward.” During the second quarter, the company expanded and made strategic investments that boosted its total assets to more than Dh101bn from Dh47bn at the end of 2021. This year, it acquired a 25.24 per cent stake in Al Qudra Holding and increased its share in <a href="https://www.thenationalnews.com/business/property/2022/01/03/alpha-dhabi-raises-aldar-stake-to-298-as-it-expands-property-portfolio/">Aldar Properties</a>, Abu Dhabi’s biggest developer, to 29.8 per cent, from 17.5 per cent, adding another 2 per cent in the second quarter. Alpha Dhabi was also a cornerstone investor in the initial public offerings of the <a href="https://www.thenationalnews.com/business/markets/2022/04/12/dewa-shares-surge-on-dubai-financial-market-debut/" target="_blank">Dubai Electricity and Water Authority</a> and <a href="https://www.thenationalnews.com/business/2022/06/03/borouge-share-price-surges-on-abu-dhabi-debut/" target="_blank">Borouge</a>, investing about Dh367m in each. The company also committed to an investment of Dh9.2bn in the Alpha Wave Futures II Fund. The fund will investment in high-growth businesses enabled and driven by technology, which provide solutions to key problems regionally and globally. In May, Alpha Dhabi's associate company Q Holding bought developer <a href="https://www.thenationalnews.com/business/property/2022/05/09/abu-dhabis-q-holding-shareholders-approve-acquisition-of-reem-investments/" target="_blank">Reem Investments</a> as part of its strategy to broaden its investment portfolio. The company's <a href="https://www.adx.ae/english/Pages/ProductsAndServices/Securities/SelectCompany/default.aspx?listedcompanyid=ALPHADHABI&isin=AEA007601015&pnavTitle=Alpha%20Dhabi%20Holding%20PJSC">share price</a> was about 1.3 per cent higher at Dh24.36 at the close of trading on Thursday, giving it a market value of about Dh243bn. Alpha Dhabi, <a href="https://www.thenationalnews.com/business/abu-dhabi-contractor-trojan-holding-rebrands-to-alpha-dhabi-holding-and-changes-business-model-1.1198440">previously known as Trojan Holding</a>, has grown into a regional conglomerate. It was <a href="https://www.thenationalnews.com/business/markets/ihc-shares-surge-on-alpha-listing-pushing-abu-dhabi-stock-market-above-dh1tn-1.1249565">listed </a>on the ADX in June last year and has embarked on an expansion spree since then. Last year, it acquired the entire share capital of Murban Energy, as well as a 70 per cent stake in Mawarid Holding Investment and 100 per cent of the share capital of Sublime Commercial Investment, through which it holds a stake in Aldar Properties. The company also bought a 65.11 per cent stake in National Marine Dredging Company, which it raised by 3.38 per cent in January, as well as a 40 per cent stake in Response Plus Medical and a 65 per cent stake in Sandstorm Motor Vehicles Manufacturing. It also invested Dh1bn in Ta'ziz, an industrial service and a logistics organisation, and acquired a hotel in the Chechen Republic. Net profit after tax attributable to the owners of the company for the first half of the year increased to about Dh6.3bn, from about Dh832m in the same period a year earlier. Revenue in the first six months of the year shot up to more than Dh17bn, from about Dh5.5bn in the same period in 2021. “As our platform continues to grow from strength to strength, we remain active in seeking and pursuing investment opportunities that meet our financial and return thresholds,” Mr Al Ameri said. “We are also looking for investments with a strategic element where we can leverage our platform, operating subsidiaries and size to drive further growth. As we continue on our journey to build scale, we will also realise synergies and create significant value for our shareholders.”