Monday, May 27, 2024
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UAE’s Multiply Group Reports a Dh393 Million Net Profit for the First Quarter and Gets Ready for the Media Unit’s IPO.

The Abu Dhabi-based investment holding company Multiply Group announced impressive first-quarter results, including a net profit of Dh393 million, or 48% more than during the same period in 2023 (Dh266 million), after excluding fair value changes.

All verticals saw growth, and the media vertical saw the consolidation of Media 247 and BackLite Media, which resulted in a 45% year-over-year increase in group revenue to Dh391 million.

The Multiply Group, which debuted on the Abu Dhabi stock exchange in December 2021, currently boasts eight expanding subsidiaries in five nations. Its primary resources are dispersed among four high-potential verticals: media and communications, mobility, energy and utilities, and beauty and wellness. As of March 31, its entire asset value was Dh39 billion.

According to Bouazza, the main priorities for the first quarter of 2024 were achieving robust growth across all of its current subsidiaries and making fresh, high-value acquisitions to expand its portfolio. As a result, “our operating portfolio’s net profit and revenue grew by 39% and 45%, respectively. Q1 net profit stood at Dh39Apple iPhone Sales Are Declining in Almost Every Nation3 million, excluding fair value changes.

Over the quarter, we increased margins and shareholder returns while becoming leaner by adding new services, implementing efficiencies, and reducing operating costs. We bought Backlite Media as our first acquisition in 2024, and we’ll keep investing in value-accretive targets and buying successful businesses worldwide, including in emerging markets and new industries.

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Monday, May 27, 2024

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