2PointZero Group

The ticker still says MULTIPLY; the company no longer does

Shareholders approved a share swap on 17 November 2025 that folded Two Point Zero Holding and Ghitha Holding into the listed company. It issued 23.364 billion new shares, taking the count to roughly 34.564 billion and share capital to AED 8.641 billion, and changed its trade name from Multiply Group PJSC to Two Point Zero Group PJSC. Exchange disclosures now carry the symbol 2POINTZERO, but the security identifier in the register — and the file name of most historical research — remains MULTIPLY. It is one continuous listing, not two companies.

The combination is treated as being under common control and entered profit and loss from 1 December 2025, so the FY2025 income statement contains one month of the enlarged business while the year-end balance sheet already contains all of it. Total assets moved from AED 43,011.382 million to AED 133,668.546 million, and the number of audit components the group reports on rose from 68 to 391.

Every figure here is also counted inside IHC

IHC Capital Holding holds 41.78% and IHC Digital Holding 12.63%, a stated 54.41% between them; the parent is International Holding Company and the ultimate parent is Fount Trust, formerly Royal Group Holding. Because that stake is a controlling one, 2PointZero's revenue, assets and profit are consolidated a second time inside IHC's own accounts. Anyone adding the two ADX lines together counts the same mines, shops and funds twice.

Two ownership statements also disagree. The statutory five-per-cent table totals 54.41%, while management describes the split as 60% IHC and 40% free float. Neither is reconciled to the other in public documents.

Mining brings the revenue; revaluation brings the profit

First-half revenue of AED 21,854.402 million came AED 11,722.768 million from mining, AED 7,592.875 million from consumer businesses and AED 2,586.382 million from investments and asset management, after AED 47.623 million of eliminations. Energy reported no segment revenue at all yet delivered AED 856.336 million of profit, because its returns arrive as investment income and associate results.

Profit after tax was AED 7,728.569 million and the share attributable to owners AED 7,081.656 million — but fair-value gains on financial assets were AED 5,555.811 million, 71.89% of the total. Operating cash flow was AED 3,359.050 million while receivables absorbed AED 2,573 million. By product, revenue was AED 11,588 million of minerals, metals and hydrocarbons, AED 3,354 million of food and non-food goods, AED 3,021 million of apparel, AED 1,762 million of fees and AED 684 million of financing income.

Fifty-one billion carried at prices no exchange quoted

Level 3 fair values were AED 51,453 million at 30 June 2026 — 95.50% of the fair-value pool and 35.05% of everything the group owns. Within investments at fair value through profit or loss, AED 50,921 million of AED 53,320 million was unquoted, and AED 47,359 million sat in funds and private investment companies carried at net asset value. Discount rates disclosed for some private valuations range from 17% to 140%, and unlisted investments are valued once a year. Borrowings were AED 30,671.881 million against cash of AED 13,724.483 million, of which AED 492 million is restricted; a financial institution linked to the ultimate parent's management held AED 7,580 million of the group's bank balances and supplied AED 7,304 million of its borrowings.

The only dividend of the half went to someone else

AED 892 million was paid to non-controlling shareholders of subsidiaries during the six months. Listed shareholders received nothing: no dividend has been proposed, approved or paid, and management's stated intention is to propose a policy starting in 2027. Minority capital stands at AED 10,752.085 million against owner equity of AED 85,151.520 million.

Legacy history warns against extrapolation. FY2022 profit of AED 18,562.948 million came from investment income, and in FY2024 the group earned AED 189.033 million while owners recorded a loss of AED 5.600 million. Parent-only cash and debt, guarantee and covenant schedules, an upstream-cash map and any security-level look-through valuation are absent from the public file. This page assigns no price, target or weight.