Multiplay Group achieves a significant jump in net profit to 9.29 million…

(MENAFN- Brunswick Group) Abu Dhabi, October 28, 2022: The Multiplay Group (ADX: MULTIPLY), an Abu Dhabi-based holding company, announced a net profit of AED 9.29 billion for the third quarter of 2022, with The Group continues to achieve strong performance through its investments and subsidiaries.

The group’s results for the third quarter of 2022 showed that the group achieved revenues of AED 284 million and a gross profit margin of AED 138.7 million.

The Group’s subsidiaries achieved sustained growth in the third quarter, with a 67% year-on-year growth in revenue and profitability.

Investment income and other sources amounted to AED 9.25 billion, supported by the strong performance of both the group’s portfolio and local stock markets.

The Group has strong potential for the future thanks to its moderate leverage and liquidity of assets, which will allow it to move forward with the implementation of the transformational cash-generating business investment strategy it understands.

Group key points in the third quarter of 2022

Main Investments

The Multiplay Group has strengthened its investments in the energy and utility services sector with two strategic investments during the third quarter of 2022.

The group acquired a 7.3% stake in the Abu Dhabi National Energy Company “TAQA” at a value of AED 10 billion. TAQA is one of the largest publicly listed integrated utilities companies in the EMEA region, with operations spanning 11 countries on four continents. It also has significant investments in power and water generation, transmission and distribution assets, in addition to its ambitious growth plans in the renewable energy sector. TAQA is one of the major companies supporting the Climate Neutral 2050 Strategic Initiative in the UAE.

Also, the Multiplay Group acquired an 80% stake in International Energy Holding, which recently acquired a 50% stake in the Turkish company, Calyon Energy, a leader in the clean and renewable energy market in Turkey. Kalyon Energy’s assets include a photovoltaic power plant project with an installed capacity of 1.3 GW in the Karabinar district of Konya, as well as other renewable energy projects in various cities of Turkey.

These investments form part of the group’s endeavor to grow its investments in all its sectors, and reflect the group’s vision that investing in utility and energy services provides predictable recurring revenue, as well as strong growth potential as the world shifts to clean and renewable energy.

Significant steps of the group’s subsidiaries

The group’s subsidiaries achieved growth in all sectors during the third quarter of this year, thus continuing the strong performance witnessed during the first half of this year.

The “Omorphia” group, which includes personal care and beauty companies, has expanded its “Tips and Toes” brand with the opening of two new branches, in Park Point, Dubai Hills Estate; Silicon Central Dubai.

Emirates Driving Company has signed memoranda of understanding with the Integrated Transport Center and Emirates Transport. The memorandum of understanding that the company signed with the Integrated Transport Center aims to keep pace with the two parties with the latest technological developments in the transport sector, enhance cooperation and consolidate the traffic culture of safe driving in the Emirate of Abu Dhabi. While the memorandum of understanding signed with Emirates Transport focuses on enhancing cooperation in the areas of training bus drivers and supervisors, technical services, vehicle and site rental, private security services, and other fields.

Viola Communications Integrated Marketing and Communications Solutions has completed the first phase of digital transformation of its high definition outdoor digital advertising media network on bridges and major roads in Abu Dhabi. The second phase, on additional bridges and a new choice of digital advertising products, is expected to be completed by December 31, 2022.

Inclusion in new stock market indices

Finally, the third quarter witnessed the inclusion of the Multiplay Group in the two benchmarks (S&P UAE BMI Liquid 20/35 Capped Index) and (S&P UAE Shariah Liquid 35/20 Capped Index). The first index measures the performance of the general index of the most liquid companies in the financial markets in the UAE (S&P UAE BMI), while the second index measures the performance of the most liquid stocks in compliance with the provisions of Islamic Sharia in the country. The addition of the group to these indices, which are provided by S&P Dow Jones Indices, led to its inclusion in the Chimera S&P UAE UCITS ETF and the Chimera Standard & Poor’s Fund. UAE Sharia Trader” (Chimera S&P UAE SHARIAH ETF).