Multiply Group's third-quarter profit soars on strong performance across units

Net income in the three-month period to the end of September surged to $2.5bn as revenue grew 75% to $77m

Multiply Group chief executive Samia Bouazza said the company made substantial investment gains. Photo: Multiply Group
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Abu Dhabi-based Multiply Group's third-quarter profit soared, compared with the same period a year earlier, as all its operating units related to media and communications, utilities, ventures, wellness and beauty, and the digital economy recorded healthy growth.

Net profit attributable to the owners of the company shot to Dh9.3 billion ($2.5bn) in the three-month period to the end of September, from about Dh102 million in the same period last year, the company said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.

The technology-focused investment holding company's revenue surged 75 per cent to Dh284 million ($77.4m) in the third quarter and total assets increased 164 per cent to about Dh31bn.

The company made substantial investment gains and continued to register growth across its verticals, said chief executive Samia Bouazza.

Multiply made two strategic investments in the third quarter, as part of its plans to grow all verticals, positioning it to capitalise on the world's accelerated pivot to clean and renewable energy industries, which have growth potential.

The company acquired a 7.3 per cent stake in Abu Dhabi National Energy Company, better known as Taqa, for Dh10bn.

Taqa operates in 11 countries across four continents and has invested in power generation, transmission, distribution and water assets.

It is one of the largest listed integrated utility companies in Europe, the Middle East and Africa.

Multiply also acquired 80 per cent of International Energy Holding, which recently bought a 50 per cent stake in Kalyon Enerji Yatrimlari, a clean and renewable energy company based in Turkey.

The group's nine-month revenue surged 363 per cent to Dh701m from the same period in 2021.

Multiply's net profit attributable to shareholders in the first nine months of the year jumped to Dh9.6bn, from about Dh101m in the same period a year earlier.

Multiply was added to the S&P UAE BMI Liquid 20/35 Capped Index and S&P UAE Shariah Liquid 35/20 Capped Index, in the third quarter. The indices measure the performance of the S&P UAE BMI and the most liquid and Sharia-compliant stocks in the UAE, respectively.

The company was also added to the Chimera S&P UAE UCITS ETF and Chimera S&P UAE Shariah ETF.

Multiply, a subsidiary of Abu Dhabi's International Holding Company, listed on the ADX in December 2021 through a private placement deal that raised Dh3.1bn and was 16 times oversubscribed.

"Going forward, we are actively ensuring deal flow continues at a similar pace throughout the fourth quarter and into next year," Ms 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."

Updated: October 28, 2022, 6:24 AM