Multiply Group, a technology-focused holding company listed on the Abu Dhabi Securities Exchange (ADX), has reported AED 462 million (US$126 million) in net profit for the first half of 2022.
The Group’s H1 2022 figures show revenue of AED 507 million and gross margin of AED 250 million. Net profit equates to a healthy 91 percent of revenue for the period with investment and other income of AED 300 million helping to drive profitability.
The Group’s subsidiaries covering five vertical segments – media and communications, utilities, ventures, wellness and beauty, and digital economy – also performed strongly and exceeded operational targets.
The Group continues to benefit from a strong liquidity position, with AED 3.24 billion in cash and bank balances and negligible debt. This will allow Multiply Group to pursue attractive targets globally and ensure an efficient deployment of capital, striking the balance between steady companies that generate recurring income and high-growth businesses.
Based on the Group’s strong operating performance, the current growth of the subsidiaries, and strong pipeline of potential investments, Multiply Group expects its profitability to significantly accelerate during the rest of 2022.
“Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth,” Samia Bouazza, chief executive officer and managing director said. “Despite the ongoing headwinds, we see a remarkable resilience across our portfolio. Our outlook for the rest of the year is very positive, and we expect our profitability to accelerate as we focus on two key areas of growth.”
The CEO said that the company will use strong cash base to seek out further investment opportunities locally and globally to capitalise on softening market conditions.
“Secondly, we will continue to deliver synergies and cost savings across our businesses through our operational excellence and digital transformation programs,” Bouazza said.