Abu Dhabi investment company 2PointZero Group reported a three-fold rise in its nine-month net profit as it continued to expand globally through acquisitions.
Net profit attributable to owners of the company for the January-September period climbed to Dh8.59 billion ($2.3 billion), compared with Dh2.64 billion in the same period last year, 2PointZero said in a statement to the Abu Dhabi Securities Exchange on Friday. Revenue rose several-fold year on year to Dh33.7 billion.
The company also recorded a net fair value gain of Dh5.8 billion during the period, while investment and other income also increased.
Third-quarter profit, however, fell about 25 per cent to Dh1.5 billion because of higher costs and expenses, even as revenue rose to Dh11.8 billion.
"We are building on a strong foundation," chief executive Samia Bouazza said. "With Dh15.7 billion in consolidated group cash and bank balances and Dh155 billion in total assets, we are well placed to invest through the cycle."
In August, the company’s wholly owned subsidiary ePointZero acquired a 90 per cent stake in Azura Power Holding, a pan-African independent power producer.
In July, ePointZero completed the acquisition of Traverse Midstream Partners, a portfolio company of The Energy & Minerals Group, in a deal valued at $2.25 billion.
The transaction gives ePointZero significant minority stakes in two critical US midstream assets – 35 per cent of the Rover Pipeline and 25 per cent of the Ohio River System, both operated by Energy Transfer. It is the group’s first US natural gas investment.
In June, 2PointZero completed the sale of its 7.29 per cent stake in Taqa to Abu Dhabi Power, a wholly owned subsidiary of L’imad, Abu Dhabi’s sovereign investment vehicle.
2PointZero Group, created through the merger of Abu Dhabi investment companies Multiply Group, Ghitha and 2PointZero in November last year, focuses on the energy and consumer sectors.
Its mining and trading subsidiary International Resources Holding is also expanding. In July, IRH and Adani Enterprises signed a deal with India's Odisha state government to develop an integrated greenfield aluminium project valued at $11.5 billion.
