Abu Dhabi, UAE – Multiply Group, an Abu Dhabi-based investment holding company, has reported a net profit of approximately $108.8 million (AED 400 million) for Q2 2023, compared with approximately $34.6 million (AED 127.31 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 realized and unrealized capital gains.
The 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 percent from H1 2022 to H1 2023. The group’s current public market portfolio stands at a value of $9.1 billion (AED 33.4 billion), versus an invested amount of $3.34 billion (AED 12.3 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 $544 million (AED 2 billion), healthy debt-to-equity and debt-to-assets ratios, and access to over $1.1 billion (AED 4 billion) in financing capacity.
The group said it will continue deploying capital across its two distinct arms: Multiply and Multiply+.
The company 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 approximately $58.3 million (AED 215 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 percent stake in Media247 and invested $27.2 million (AED 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 $544 million (AED 2 billion) in cash and over $1.1 billion (AED 4 billion) in financing capacity, we continue to seek lucrative opportunities here in the UAE and globally,” she stated.