2PointZero Group's nine-month profit triples as global expansion gathers pace
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…
2PointZero Group, an Abu Dhabi-based investment company, has reported a significant increase in its net profit, with profits tripling over the past nine months. The company's net profit for the January-September period reached Dh8.59 billion, up from Dh2.64 billion in the same period last year. Revenue also saw a substantial rise, reaching Dh33.7 billion year on year.
However, the third-quarter profit fell by 25%, amounting to Dh1.5 billion, due to higher costs and expenses, despite revenue growth to Dh11.8 billion. The company attributes its success to a strong foundation, boasting Dh15.7 billion in cash and bank balances and Dh155 billion in total assets. The company's subsidiary, ePointZero, recently acquired a 90% stake in Azura Power Holding, a pan-African independent power producer, and completed the purchase of Traverse Midstream Partners in July for $2.25 billion, marking the group's first US natural gas investment.
In June, 2PointZero sold its 7.29% stake in Taqa to Abu Dhabi Power. The company, formed through the merger of Abu Dhabi investment companies Multiply Group, Ghitha, and 2PointZero last November, focuses on the energy and consumer sectors, with its mining and trading subsidiary International Resources Holding expanding. IRH signed a deal with India's Odisha state government in July to develop a Dh11.5 billion integrated greenfield aluminium project.
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