Abu Dhabi’s Multiply Group’s net profit is Dh9b – that’s for Q3-2022 alone | Job Binary

Dubai: Abu Dhabi-based Multiply Group, part of the IHC portfolio, has posted one of the biggest profits of any listed company in the UAE at $9.29 billion in the three months of July-September 2022. and other revenues, which brought in Dh9.25 billion.

Last year, in the same three-month period, the profit was 124 million dollars.

“Multiply Group delivered a strong quarter with significant investments and continued growth in our businesses,” said Samia Bouazza, Group President and CEO. “In the future, we will actively ensure that trading continues at the same level throughout the fourth quarter of next year.

We see significant investment opportunities locally and globally, particularly in our mobility business, and will continue to acquire cash-generating assets and further accelerate the growth of our companies.

– Samia Bouazza

The investment company did this and generated revenue of Dh284 million. (Provisions were Dh30 billion.)

The stock rose 2.54 percent to $4.04 early Friday, with $42.29 million worth of trade in the first 5 minutes.

Stock Multiply Logo

Multiply Group has been busy recently with several deals, including as a cornerstone investor in some Dubai IPOs.
Image credit: Included

Let’s pump those billions

In the third quarter, Multiply Group expanded its energy and utilities business with two “strategic investments.”

• The group bought a 7.3 percent stake in Abu Dhabi National Energy Company, or TAQA, for $10 billion. TAQA is one of the largest listed integrated electricity companies in the EMEA region, with operations in 11 countries on four continents. It has significant investments in electricity and water production, transmission and distribution.

• Multiply Group also bought 80 percent of International Energy Holding. IEH recently acquired a 50 percent stake in Turkey-based clean and renewable energy company Kalyon Enerji Yatrimlari A.Ş. Kalyon Enerji’s assets include a solar power plant project with an installed capacity of 1.3 GW in the Karapinar area of ​​Konya and other renewable energy projects in various cities in Turkey.

“These investments are part of a drive to grow all industries and reflect the group’s view that electricity and energy services offer predictable, recurring revenue and strong growth potential as the world moves to clean and renewable energy,” the statement said.

Multiply Group has also been a cornerstone investor in some recent Dubai IPOs.

Vijay Valecha, chief investment officer at Century Financial, says: “Investing in Turkish renewable energy assets is an example of a great long-term strategy. Acquiring assets when the lira is near multi-year lows against the dollar will not only generate capital appreciation but also gains on the currency front when the lira eventually revives.

“The $45 billion market capitalization company could see its shares rise further due to its strong asset base. Indeed, it looks undervalued when the TAQA stake is valued at around $24 billion in today’s market.”

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