Abu Dhabi’s Multiply Group’s net profit at Dh18.56b as investments in DEWA and others pay off

Abu Dhabi’s Multiply Group’s net profit at Dh18.56b as investments in DEWA and others pay off

Dubai: Abu Dhabi’s Multiply Group – a key investor in DEWA and Taqa – has pulled out a Dh18.56 billion net profit for 2022, driven all the way by growth in the investment portfolio. In comparison, the revenues came to Dh1.1 billion for the year. “Despite several global headwinds, most subsidiaries showed growth in operating profits, highlighting the strength of these businesses and the resilience of their industries,” Multiply said in a statement. “We have a strong balance-sheet, Dh41 billion of assets in 2022, and significant capacity to deploy capital at a time when valuations are softening and our focus industries are gaining more traction amid the current macroeconomic and geopolitical backdrop,” said Samia Bouazza, Group CEO and Managing Director. Multiply’s investment and other income for the year were at Dh18.39 billion, while revenue from operations were at Dh1.12 billion. The Group deployed more than Dh12 billion in 2022, making investments in ‘dynamic and healthy’ businesses across ‘high-growth thematic industries’ such as energy. This led to exposures in Taqa, DEWA, and International Energy Holding (IEH). “These businesses offer predictable, recurring income that will deliver a sustained increase in shareholder value,” Multiply said.