Abu Dhabi’s Multiply Group sees more acquisitions as net profit rises to $2.5 billion | Job Binary


Abu Dhabi’s Multiply Group announced that it will continue to acquire cash-generating assets to support its growth strategy, as the company’s results were the strongest since its listing at the end of last year.

Net profit for the quarter ended September 30 was AED 9.29 billion ($2.5 billion), compared to a total of AED 462.2 million in the previous two quarters.

Revenue for the period was AED 284 million, while gross profit was AED 138.7 million.

The Abu Dhabi-based holding company, which has entered into several purchase agreements, will debut on the Abu Dhabi Stock Exchange (ADX) in December 2021.

Acquisitions

According to CEO and CEO Samia Bouazza, Multiply Group has produced a strong quarter with significant investments and continuous growth in its industries.

“Going forward, we will actively ensure that the contract flow continues at the same level throughout the fourth quarter and into the next quarter,” Bouazza said.

“We see significant investment opportunities locally and globally, particularly in our mobility benchmark, and will continue to acquire cash-generating assets and accelerate the growth of our businesses.”

The company has recently acquired 80 percent of International Energy Holding, which owns 50 percent of Turkey-based clean and renewable energy company Kalyon Enerji Yatrimlar.

It has also recently invested AED 10 billion in a 7.3 percent stake in Abu Dhabi National Energy Company (TAQA). Other investments include a 100% stake in PAL Cooling Holding, one of the top players in the UAE district cooling industry, and an AED 367 million stake in DEWA’s IPO.

(Reporting by Cleofe Maceda; Editing by Daniel Luiz)

Cleofe.maceda@lseg.com



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