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Abu Dhabi’s Multiply Group said it would continue to acquire cash-generating assets to support its growth strategy, as it posted its strongest performance since going public late last year.
Net profit for the quarter ended September 30 reached AED 9.29 billion ($2.5 billion), compared with AED 462.2 million in the previous two quarters.
Revenue for the period amounted to AED284 million with a gross profit margin of AED138.7 million.
The Abu Dhabi-based holding company has entered into a series of acquisitions, debuting on the Abu Dhabi Stock Exchange (ADX) in December 2021.
acquisition
According to CEO and Managing Director Samia Bouazza, Multiply Group delivered strong quarterly results, solid investment returns and continued growth across verticals.
“Going forward, we are actively ensuring that the transaction process 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 in our mobility vertical, and will continue to acquire cash-generating assets and further accelerate our company’s growth.”
The company recently acquired an 80 percent stake in International Energy Holdings, which owns 50 percent of Turkey-based clean and renewable energy company Kalyon Enerji Yatrimlari.
It also recently invested AED10 billion in a 7.3% stake in Abu Dhabi National Energy Company (TAQA). Other investments include 100% ownership of PAL Cooling Holding, one of the top players in the regional cooling industry in the UAE, and a Dh367 million stake in DEWA’s IPO.
(Reporting by Cleofe Maceda; Editing by Daniel Luiz)
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