Multiply Group reports net profit of AED266 million for Q1 2023

Multiply Group reports net profit of AED266 million for Q1 2023

ABU DHABI, 2nd May, 2023 (WAM) – Multiply Group, an Abu Dhabi-based investment holding company, announced a net profit excluding fair value gains (losses) of AED266 million, marking a 241 percent increase from the same period last year.

The Group earned AED303 million in dividends from its public market portfolio, and its operating businesses generated AED269 million in revenue during Q1, an 11.6 percent YoY growth with over 50 percent gross margin. This growth reflects the Group’s continued focus on building its verticals.

With a total invested amount of AED12.6 billion, Multiply Group's current public market portfolio stands at over AED33 billion, a 166 percent appreciation. The investment portfolio is a key component of the company's asset base and a significant driver of growth.

Samia Bouazza, Group Chief Executive Officer and Managing Director, stated, “As we release our first earnings report for 2023, we continue to build a leadership position across our portfolio companies, with an aggressive pursuit of organic growth. Our Q1 results reflect strong earnings from our operating businesses and cash dividends from our investments, offset by the loss recorded on our public portfolio.”