2PointZero Group net profit surges threefold to Dh8.59bn in nine months on global expansion

2PointZero Group, an investment firm based in Abu Dhabi, announced that its net profit for the nine-month period surged threefold, driven by ongoing global expansion through acquisitions.

Nine-month profit surges

In a filing to the Abu Dhabi Securities Exchange on Friday, the company said net profit attributable to owners reached Dh8.59 billion ($2.3 billion) for the January-to-September period, up from Dh2.64 billion in the corresponding period last year. Revenue also increased multiple times year-on-year, amounting to Dh33.7 billion.

During the same period, the group posted a net fair value gain of Dh5.8 billion, and investment and other income also rose.

Third-quarter profit declines

However, profit for the third quarter declined by approximately 25 percent to Dh1.5 billion, attributed to elevated costs and expenses, despite revenue increasing to Dh11.8 billion.

CEO cites strong position

Chief executive Samia Bouazza stated: ‘We are building on a strong foundation. 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.’

Acquisitions and investments

In August, ePointZero, a wholly owned subsidiary of 2PointZero, purchased a 90 percent interest in Azura Power Holding, an independent power producer operating across Africa.

The previous month, ePointZero finalised the acquisition of Traverse Midstream Partners, a company held by The Energy & Minerals Group, for $2.25 billion. This deal grants ePointZero minority stakes in two major US midstream infrastructure assets: a 35 percent share in the Rover Pipeline and a 25 percent share in the Ohio River System, both managed by Energy Transfer. This marks the group’s initial foray into US natural gas investments.

In June, 2PointZero divested its 7.29 percent holding in Taqa, selling it to Abu Dhabi Power, which is itself a fully owned subsidiary of L’imad, the sovereign investment arm of Abu Dhabi.

The group was established in November last year through the merger of three Abu Dhabi investment entities: Multiply Group, Ghitha, and 2PointZero. It concentrates on the energy and consumer sectors.

International Resources Holding (IRH), the group’s mining and trading subsidiary, is also pursuing growth. In July, IRH partnered with Adani Enterprises to sign an agreement with the government of Odisha state in India for the development of an integrated greenfield aluminium project worth $11.5 billion.