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Thursday, March 28, 2024
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Abu Dhabi’s Multiply Group posts Dh18.56b net profit as investments in DEWA, ​​others pay off

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Samia Bouazza said: “We have a strong balance sheet with assets of AED 41 billion by 2022 and, amid softening valuations and our key sectors gaining more traction in the current macroeconomic and geopolitical context In reality, we have strong capital allocation capabilities,” said Group Chief Executive Officer and Managing Director.

Multiply’s investment and other income for the year was AED 18.39 billion, while operating income was AED 1.12 billion.

The group has deployed more than AED12 billion in 2022, investing in “vibrant and healthy” businesses in “high-growth thematic sectors” such as energy. This has resulted in exposures to Taqa, DEWA and International Energy Holdings (IEH).

“These businesses provide predictable, recurring revenue that will deliver continued growth in shareholder value,” Multiply said.

“Multiply Group is well-positioned in 2023 and beyond for a number of reasons to build on its strong performance in 2022,” said Chairman Andre Sayegh. “Firstly, the strong growth momentum in the UAE economy and secondly, corporate earnings Capacity will remain robust due to rising economic activity, supported by positive government regulations and programs.”

The company has liquid assets of AED 34.97 billion and cash and bank balances of AED 1.03 billion, “moderate debt” and a “global network of deal origination partners”. The statement added: “Multiply Group will continue to capitalize on market trends and maintain a strong position, continuing its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transforming industries.”

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