Abu Dhabi’s Multiply Group eyes more acquisitions as net profit surges to $2.5bln

Abu Dhabi’s Multiply Group eyes more acquisitions as net profit surges to $2.5bln

Abu Dhabi’s Multiply Group said it will continue to acquire cash-generating assets to support its growth strategy, as the company posted its strongest performance since its listing late last year.

Net profit for the quarter ending September 30 reached AED9.29 billion ($2.5 billion), compared to a total of AED462.2 million for the previous two quarters.

Revenue for the period reached AED284 million, while gross margin stood at AED138.7 million.

The Abu Dhabi-based holding company, which has entered a series of acquisition deals, made its debut on the Abu Dhabi Securities Exchange (ADX) in December 2021.

Acquisitions

According to Samia Bouazza, CEO and Managing Director, Multiply Group has delivered a strong quarter with substantial investment gains and continued growth for its verticals.

“Going forward, we are actively ensuring deal flow continues at a similar pace throughout the fourth quarter and into the next quarter,” Bouazza said.

“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 company has recently acquired 80% of International Energy Holding, which has a 50% stake in Kalyon Enerji Yatrimlari, a clean and renewable energy company based in Turkey.

It has also recently invested AED10 billion in a 7.3%