Alpha Dhabi profit jumps 23% on SpaceX, Anthropic gains

Summary

• Alpha Dhabi posted a 12.8 billion dirham net profit for the first nine months of 2026.
• Fair-value gains of 3.8 billion dirhams came from SpaceX, Anthropic and OpenAI holdings.
• The result shows how private tech bets now drive Gulf holding-company earnings.

The latest

Alpha Dhabi Holding reported a net profit of 12.8 billion dirhams for the first nine months of 2026, a 23% increase on the same period last year, according to the Emirates News Agency. Group revenue reached 58.3 billion dirhams, up 6.1%. Much of the earnings lift came from valuation gains on the company's holdings in privately held technology firms.

Details

• The headline number: Net profit for the nine months ending in 2026 stood at 12.8 billion dirhams, up 23% year on year, the company said. That growth rate ran roughly four times faster than the increase in revenue over the same period, pointing to gains outside core operating activity.
• Revenue: Group revenue totalled 58.3 billion dirhams, an increase of 6.1% on the comparable period a year earlier, according to the company's disclosure carried by the Emirates News Agency. The company did not break the revenue figure down by business segment.
• Operating measure: Adjusted earnings before interest, taxes, depreciation and amortisation reached 13.9 billion dirhams, a rise of 9%. The measure is used to strip out financing and accounting items and gauge underlying operating performance, and its growth trailed the pace of net profit.
• The tech gains: The group booked 3.8 billion dirhams in fair-value gains on its investments, which it attributed to stakes in SpaceX, Anthropic and OpenAI. Fair-value gains reflect revaluations of assets rather than realised cash from a sale, and the company did not disclose the size of each individual stake.
• Balance sheet: Total assets climbed to 236.4 billion dirhams from 214.4 billion dirhams at the end of 2025, a 10% increase. The expansion was reported alongside the valuation gains rather than attributed to any single acquisition.
• Equity position: Shareholders' equity rose to 114.6 billion dirhams from 104 billion dirhams at the close of 2025. The increase of more than 10 billion dirhams broadly tracks the pace of asset growth over the same nine-month stretch.
• Listing: Alpha Dhabi trades on the Abu Dhabi Securities Exchange under the ticker ALPHADHABI. The company published the results through the Emirates News Agency without announcing a dividend decision or an updated full-year guidance range.
• What is unstated: The company did not identify which other investments contributed to the fair-value line beyond the three technology firms named, nor did it set out a timetable for realising those gains or indicate whether any of the holdings were increased during the period.

Background

Alpha Dhabi is one of Abu Dhabi's largest listed holding companies, with interests spanning construction, industry, healthcare and financial investments. Its portfolio has expanded in recent years into stakes in privately held technology firms that are revalued periodically rather than traded on public markets.

Between the lines

The gap between 6.1% revenue growth and 23% profit growth locates the story in the investment portfolio rather than the operating businesses. With 3.8 billion dirhams of the result coming from fair-value revaluations of private technology stakes, a meaningful share of the earnings is tied to valuations that can move in either direction before any cash is realised.

What's next

Watch for the full-year 2026 results, any disclosure of stake sizes in SpaceX, Anthropic and OpenAI, and whether new funding rounds at those firms reset the valuations underpinning the 3.8 billion dirham gain.

Source: Emirates News Agency (WAM)