Abu Dhabi’s Multiply Group comes up with a Dh9b net profit

Abu Dhabi’s Multiply Group comes up with a Dh9b net profit

Dubai: The Abu Dhabi based Multiply Group, part of the IHC portfolio, has unveiled one of the biggest profits by listed companies in the UAE, with Dh9.29 billion in the three months between July to September of 2022. It was led by investment and other income, which brought in Dh9.25 billion. Last year, same three-month period, profit was Dh124 million. "Multiply Group delivered a strong quarter with substantial investment gains and continued growth of our verticals,” said Samia Bouazza, Group CEO and Managing Director. “Going forward, we are actively ensuring deal flow continues at a similar pace throughout the fourth quarter and into next year. “We see significant investment opportunities, locally and globally, particularly within our mobility vertical and will continue to acquire cash-generating assets and further accelerate our companies’ growth." The investment company did this while generating revenues of Dh284 million. The third quarter saw Multiply Group expand its energy and utilities vertical with two ‘strategic investments’. • The Group acquired a 7.3 per cent stake in Abu Dhabi National Energy Company – or TAQA - for Dh10 billion. TAQA is one of the largest listed integrated utility companies in EMEA, with operations in 11 countries across four continents.