Multiply Group Q2 Profit Soars on Rising Business Income
Abu Dhabi-based technology-focused investment holding company, Multiply Group, achieved an impressive 267 per cent rise in its annual net profit for the second quarter of this year, primarily driven by robust performances from its subsidiaries.
Multiply Group Reports Record Q2 Profits Fueled by Strong Subsidiary Performance
The net profit attributable to shareholders for the three-month period reached Dh362 million ($98.5 million), as reported in a filing to the Abu Dhabi Securities Exchange. Additionally, the profit from Multiply Group's operating entities showed a remarkable 33.6 per cent increase year-on-year in the April-June period, amounting to Dh215 million, excluding realized and unrealized fair value gains.
Multiply Group's Q2 Revenue Up 4% to Dh276B, Assets Reach Dh1.43B, Public Market Portfolio at Dh33.4B
The company's revenue for the second quarter rose by approximately 4 per cent to Dh276 billion, and its total assets increased by over 2 per cent to Dh1.43 billion. Notably, the current public market portfolio of Multiply Group was valued at Dh33.4 billion, compared to an invested amount of Dh12.3 billion. The strong financial results exemplify the growth and diversification of the company's asset portfolio, aligned with its strategic investments to create long-term value.
Multiply Group's CEO Samia Bouazza: Dh2B Cash, Dh4B Financing Capacity for Lucrative Opportunities
CEO Samia Bouazza highlighted that the group has access to substantial financial resources, with Dh2 billion ($544 million) in cash and over Dh4 billion ($1 billion) in financing capacity. This financial strength positions Multiply Group to explore lucrative opportunities in the UAE and global markets. The company remains on track to double its net profit this year from companies where it holds a controlling stake, underscoring its commitment to sustained profitability and strategic growth.
Multiply Group: Resilience Amid Economic Challenges, Preparing to Launch Fashion-Focused Business Division
Despite economic challenges such as inflation and the global economic slowdown, Multiply Group has demonstrated resilience in its business operations. The company has effectively managed potential impacts on its business profitability and continues to deliver favorable outcomes , Founded as a subsidiary of Abu Dhabi's International Holding Company, Multiply Group operates and invests in four business lines: mobility, energy and utilities, media and communications, and beauty and wellness. Additionally, its non-sector-focused investment arm, Multiply+, seeks double-digit returns across various asset classes. The company is currently preparing to launch a fashion-focused business division, aiming to secure an anchor company rich in data and profitability and exploring potential sub-verticals within the fashion sector.
Multiply Group's Successful Investments Include Stakes in Emirates Driving Company and Viola Communications; Expanding Media Portfolio with Acquisitions
Among its successful investments are stakes in companies like Emirates Driving Company, Viola Communications, Taqa, Dubai Electricity and Water Authority, Borouge, and Getty Images. In the second quarter, Multiply Group expanded its media portfolio by acquiring a 55 per cent stake in Media247 and invested $100 million in Breakwater Energy, a subsidiary of EIG, an institutional investor in global energy and infrastructure sectors , The company is actively seeking potential acquisitions worldwide, focusing on regions like Turkey and India. While well-funded and not seeking liquidity currently, Multiply Group is considering initial public offerings for some of its companies. Once the right fundamentals of scale, size, profitability, and governance are established in its verticals, the company will launch an IPO when macroeconomic conditions are favorable.