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Abu Dhabi investment holding company Multiply Group has deployed AED19 billion ($5.17 billion) in capital to date and is set to allocate more, to further expand its portfolio, according to a report released on Wednesday.
The company’s asset base as of the end of September 2023 touched AED42 billion, up from AED30.6 billion last year, the company said in its 2023 investor presentation posted on the Abu Dhabi Securities Exchange (ADX).
The company also indicated that it is “actively seeking investments” in fashion, adding that it is looking into a “diversified fashion and lifestyle vertical, from luxury to home décor.”
Last year, Multiply deployed a total of AED13 billion, as it made strategic investments in businesses across high-growth thematic industries.
So far this year, the company acquired a 55% stake in outdoor advertising firm Media247 and a 49.38% equity interest in LVL Technology. It also invested $100 million for a minority stake in Breakwater Energy (EIG), which owns 25% interest in Repsol E&P, a North American-based gas-weighted exploration and production company.
Energy and utilities account for the bulk of the company’s total assets, with a value of AE4.1 billion.
Its current investment verticals also include mobility, which accounts for AED1.2 billion in assets, media and communications (AED647 million), and wellness and beauty (AED714 million).
Despite the market downturn, the company posted a net profit excluding fair value changes of AED331 million for the third quarter of the year, marking a 337% increase from AED76 million a year earlier. Also in the same quarter, the company’s net profit including fair value changes in investments stood at AED145.77 million.
The company had said this month it is “poised to capitalise on emerging value-accretive acquisition opportunities worldwide."
It has a robust cash position of AED1.65 billion, favourable debt-to-equity and debt-to-assets ratios and access to over AED4 billion in financing capacity.
(Writing by Cleofe Maceda; editing by Seban Scaria)
