Multiply Group reports AED400 million profits in Q2 2023

ABU DHABI, 25th July, 2023 (WAM) -- Multiply Group, an Abu Dhabi-based investment holding company, has reported a net profit of AED400 million for Q2 2023, compared with AED127.31 million in the corresponding period of last year.

The profit from Multiply Group’s operating entities witnessed a surge of 33.6% in Q2 2023, compared to the same period last year. This increase excludes both realised and unrealised capital gains. Multiply Group’s strong Q2 results were driven by the excellent operational performance of its subsidiaries, which in turn generated robust recurring income for the Group.  

In comparison to the half-year performance last year, profit excluding fair value movement, Multiply Group reported a substantial increase of 146.23% from H1 2022 to H1 2023. The Group's current public market portfolio stands at a value of AED33.4 billion, versus an invested amount of AED12.3 billion.

Multiply Group is seeing more value accretive acquisition opportunities emerge globally across its operating verticals and investment arm. The Group maintains a strong cash flow position with AED2 billion, healthy debt-to-equity and debt-to-assets ratios, and access to over AED4 billion in financing capacity.

Multiply Group will continue deploying capital across its two distinct arms: Multiply and Multiply+. Multiply currently operates and invests in its core verticals (Mobility, Energy & Utilities, Media & Communications, and Beauty & Wellness), while Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across several asset classes.  

Samia Bouazza, Group Chief Executive Officer and Managing Director, said that the Q2 earnings report for 2023 highlights the growth across the company's diversified portfolio of assets, driven by creating long-term value through strategic investments. The group reported a profit of AED215 million, excluding fair value changes, reflecting the group's focus on acquiring and growing assets that yield strong recurring income. 

She added that the group expanded its Media portfolio by acquiring a 55% stake in Media247 and invested US$100 million in EIG, which offers a very attractive dividend profile.

“Looking ahead, we remain focused on building our verticals, growing our operating businesses, and further enhancing our income streams to power sustained growth. With access to AED2 billion in cash and over AED4 billion in financing capacity, we continue to seek lucrative opportunities here in the UAE and globally,” she stated.