Abu Dhabi's Multiply Group posts Dh400 million net profit in Q2-23

The profit from Multiply Group’s operating entities witnessed a surge of 33.6 per cent, compared to Q2-2022. This increase excludes both realised and unrealised capital gains.

In comparison to the half-year performance, profit excluding fair value movement, Multiply Group reported a substantial increase of 146.23 per cent from H1-2022 to H1-2023. The Group's current public market portfolio stands at a value of Dh33.4 billion, versus an invested amount of Dh12.3 billion.

“Multiply Group is seeing more value accretive acquisition opportunities emerge globally across its operating verticals and investment arm,” said the satatement. The Group maintains a strong cash flow position with Dh2 billion, healthy debt-to-equity and debt-to-assets ratios, and access to over Dh4 billion in financing capacity.

In the second-quarter of 2023, the Group experienced a 3.9 per cent increase in revenue, reaching a total of Dh276 million. The net profit from operating companies saw a significant surge of 33.6 per cent year-on-year, amounting to Dh120.8 million. Additionally, cash generated from operating activities reached Dh500 million.

“Our Q2 earnings report for 2023 highlights the growth across our diversified portfolio of assets, driven by our pursuit of creating long-term value through strategic investments,” said Samia Bouazza, Group CEO and Managing Director. “We report a profit of Dh215 million, excluding fair value changes, reflecting our focus on acquiring and growing assets that yield strong recurring income.”

“Looking ahead, we remain focused on building our verticals, growing our operating businesses, and further enhancing our income streams to power sustained growth,” said Bouazza. “With access to Dh2 billion in cash and over Dh4 billion in financing capacity, we continue to seek lucrative opportunities here in the UAE and globally.”