Kalyon Enerji’s assets include a PV (photovoltaic) power plant project with an installed capacity of 1.3 gigawatt (GW) in the Konya’s Karapinar region.Įmirates Driving Company (EDC), which registered 51 per cent growth in profitability last year, completed 90 per cent of its third main branch located in Madinat Zayed. IEH had recently acquired a 50 per cent stake in Kalyon Enerji Yatrimlari A.Ş., a market-leading clean and renewable energy company based in Turkey. In the third quarter, Multiply Group also acquired 80 per cent of International Energy Holding (IEH). In September, the Group acquired a 7.3 per cent stake for Dhs10 billion in Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies in Europe, Middle East and Africa (EMEA). This was followed by an investment in May of Dhs183.75 million in the initial public offering of Borouge plc, again as a cornerstone investor. In April, it invested Dhs367 million as a cornerstone investor in the initial public offering of Dubai Electricity and Water Authority (DEWA), one of the region’s leading fully integrated utility companies. The investment was part of a funding round alongside other international investors that included Neuberger Berman and LionTree. In January, the Group invested Dhs92 million in Rihanna’s Savage X Fenty, a direct-to-consumer e-commerce fashion company. Looking ahead, with a liquidity position of Dhs34.97 billion in liquid assets and Dhs1.03 billion in cash and bank balances, moderate debt, a global network of deal origination partners, and while building an in-house team of vertical experts, Multiply Group will continue to capitalise on market trends and remains in a strong position to carry on with its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transitioning industries. Most recently, it was recognised as a Great Place to Work by the global authority on corporate culture. The Group has also been attracting and recruiting talent with the capital market and investment banking expertise. In addition, Multiply Group was added to several indices, including MSCI Emerging Markets Index, which enhances its position on the global benchmark investing map and is expected to attract substantial investment inflows. At the same time, these businesses offer predictable, recurring income that will deliver a sustained increase in shareholder value. The Group deployed more than Dhs12 billion in 2022, making strategic investments in dynamic and healthy businesses across high-growth thematic industries such as energy, including in Abu Dhabi National Energy Company (TAQA), Dubai Electricity and Water Authority (DEWA) and International Energy Holding (IEH). Multiply Group posted Dhs18.56b profit in 2022 Multiply Group, an Abu Dhabi-based investment holding company, reported Dhs18.56 billion in net profit for 2022, driven by the strong performance of the Group’s investments and growth in its operating portfolio.ĭespite several global headwinds, most of its subsidiaries showed growth in operating profits in 2022, highlighting the strength of these businesses and the resilience of their industries.įor example, Emirates Driving Company (EDC) grew by 51 per cent Viola Communications grew by 203 per cent, supported by Post-COVID-19 spending on events and out-of-home media and the growth of the economy and Omorfia Group grew by 47 per cent.
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