Abu Dhabi’s Multiply Group included in ADX's new blue chip equities index

FADX 15 includes the largest and most liquid 15 companies on the ADX

Samia Bouazza, chief executive of Multiply Group. The company reported a huge jump in its 2021 net profit on the back of higher revenue. Photo: Multiply Group
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Multiply Group, a technology-focused investment holding company, has been included in Abu Dhabi Securities Exchange’s (ADX) new benchmark index, the FTSE ADX 15 Index (FADX 15).

The benchmark, which was launched on Wednesday, includes the largest and most liquid 15 companies on the ADX.

Developed by the ADX, the Arab world's second-largest stock market by market value, and FTSE Russell, the FADX 15 is a blue chip benchmark that aims to support the bourse’s recently launched derivatives market and the creation of exchange traded funds and other index-tracking investment vehicles.

The Abu Dhabi bourse is the first exchange in the region to use FTSE Russell as its index administrator and is part of a strategy launched last year to attract more foreign investors and to enhance its liquidity. The partners are developing and launching new indexes to support ADX’s growth.

The Abu Dhabi Securities Exchange was one of the world's best performing markets last year. Market capitalisation has soared to about Dh1.8 trillion, and the bourse is up about 16 per cent since the start of this year. Photo: ADX

Multiply Group's inclusion comes as it embarks on an acquisition spree after its listing on the ADX in December.

The company, a subsidiary of International Holding Company, acquired stakes in Emirates Driving Company, Omorfia Group, Viola Communications, Firefly and Yieldmo in 2021. It has continued its deal-making this year, with investments in Getty Images and celebrity Rihanna's intimate apparel brand Savage X Fenty.

Last week, it said it would invest Dh367 million ($100m) in the Dubai Electricity and Water Authority's initial public offering as a cornerstone investor.

Multiply Group reported a huge jump in its 2021 net profit on the back of higher revenue.

Net profit attributable to owners of the company for the full year climbed to about Dh185m, from nearly Dh3.8m a year earlier. Revenue during the period surged to Dh372m, compared to Dh15.7m in 2020.

The company's UAE-based assets, including PAL Cooling, Emirates Driving Company, Viola Communications and Omorfia Group, which comprises Tips&Toes and Bedashing Beauty Lounges, are producing steady income streams, its chief executive Samia Bouazza said last month.

Updated: March 31, 2022, 8:17 AM
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