The investment holding company Multiply Group, with its headquarters in Abu Dhabi, announced impressive first-quarter results. Net profit, excluding fair value changes, was Dh393 million, up 48% from Dh266 million during the same period in 2023.
Growth in every vertical and combining Media 247 and BackLite Media under the media vertical drove a 45% year-over-year increase in group revenue to Dh391 million.
After going public on the Abu Dhabi stock exchange in December 2021, Multiply Group now boasts eight subsidiaries across five nations. Four high-potential vertical mobility, energy, and utilities, media and communications, and beauty and wellness—are home to its core assets. Its total assets were Dh39 billion as of March 31.
According to Bouazza, the company’s priorities for the first quarter of 2024 were to make significant progress with its current subsidiaries and expand its holdings with new, high-value purchases. As a result, our operating portfolio’s net profit and revenue increased by 39% and 45%, respectively. Excluding fair value changes, Q1 net profit was Dh393 million.
We increased margins and shareholder returns during the quarter by lowering operating costs, introducing new services, and introducing efficiencies across our businesses, all of which helped us become leaner. We will keep investing in value-accretive targets and acquiring successful companies in emerging markets and around the world, in both established and emerging sectors. Backlite Media was our first acquisition in 2024.
Also Read:
IPL2024: Hyderabad Wins By a Single Run While Rajasthan Struggles
Air India Begins Offering the First Airbus A350 Route From Delhi to Dubai
