Abu Dhabi, UAE–Multiply Group, an Abu Dhabi-based investment holding company, reported AED18.56 billion ($5.05 billion) in net profit for 2022.
The company said high profits were driven by the strong performance of the Group’s investments and growth in its operating portfolio.
It added that most of its subsidiaries showed growth in operating profits in 2022. For example, Emirates Driving Company (EDC) grew by 51 percent; Viola Communications grew by 203 percent, 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 percent, the company said.
The Group said deployed more than AED12 billion in 2022, making investments in high-growth industries such as energy, including in Abu Dhabi National Energy Company (TAQA), Dubai Electricity and Water Authority (DEWA) and International Energy Holding (IEH).
In September, the Group acquired a 7.3 percent stake for AED10 billion in TAQA, one of the largest listed integrated utility companies in Europe, Middle East and Africa (EMEA).