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DUBAI: Abu Dhabi investment firm Multiply Group’s net profit (excluding fair value gains and losses) for the first three months was AED 266 million, up 241% year-on-year. All told, the group – with interests in energy, mobile services and media – generated Dh303 billion in dividends from its public market portfolio.
If fair value figures were included, there would have been a fair value loss of AED 265 million in the quarter. In a statement, Multiply Group said: “It is important to note that these fair value changes are largely unrealized and short-term changes do not affect the group’s long-term view of these assets.
“From a total investment of AED 12.6 billion, the Group’s current open market portfolio is over AED 33 billion, an appreciation of 166%. The Multiply Group’s investment portfolio is an important part of its asset base and has been important growth driver.”
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The company, one of the top performers on the ADX, continues to target “value-add” investment opportunities. The current cash flow position is slightly above AED1.2 billion, with “very healthy debt-to-equity and debt-to-asset parameters”.
It has a financing capacity of over AED6 billion.
“Meanwhile, in the operating business, several measures including technology injections, bolt-on acquisitions are being lined up to boost organic growth,” the statement said. “Multiply Group is well-positioned to focus on generating stronger and sustainable EPS growth.”
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