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 investment company, saw its nine-month net profit triple to Dh8.59 billion ($2.3 billion) in the January-September period. This marked a significant increase from Dh2.64 billion in the same period last year. The company's revenue also surged, reaching Dh33.7 billion, a notable rise from previous figures.
Despite a 25% decline in third-quarter profit to Dh1.5 billion, driven by higher costs and expenses, the company's overall growth was impressive. The company's CEO, Samia Bouazza, expressed confidence in their growth trajectory, citing a substantial cash reserve of Dh15.7 billion and total assets valued at Dh155 billion. Recent acquisitions have bolstered their global footprint.
In August, 2PointZero's subsidiary, ePointZero, acquired a 90% stake in Azura Power Holding, a pan-African independent power producer. Earlier in July, ePointZero completed the acquisition of Traverse Midstream Partners for $2.25 billion, gaining significant minority stakes in two critical US midstream assets. This marks the group's first foray into the US natural gas market.
Additionally, 2PointZero divested its 7.29% stake in Taqa to Abu Dhabi Power in June. The company, formed through the merger of Abu Dhabi investment firms Multiply Group, Ghitha, and 2PointZero in November, focuses on the energy and consumer sectors, with its mining and trading subsidiary, International Resources Holding, also expanding.
In July, IRH signed a deal with India's Odisha state government for a $11.5 billion integrated greenfield aluminium project.
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