Multiply Group, an Abu Dhabi-headquartered investment holding firm, reported strong first quarterly results with a net profit excluding fair value changes of Dh393 million at 48 per cent growth compared to the same period of 2023 at Dh266 million.

Group revenue increased by 45 per cent year-on-year to Dh391 million, driven by growth across all verticals and the consolidation of Media 247 and BackLite Media under the media vertical.

The group prepares for an initial public offering (IPO) for its media unit “hopefully in the next 12 months,” its group CEO and managing director Samia Bouazza said during a media briefing.

“We are preparing the media vertical for an IPO,” she noted. “We will only go [for listing] when each company has optimised its performance through digital transformation and the synergies that we’re creating across the vertical,” Bouazza underlined.

'Continue to invest'

Multiply Group, listed on the Abu Dhabi bourse in December 2021, has a growing portfolio of eight subsidiaries in five countries. Its core assets are spread across four high-potential verticals mobility, energy and utilities, media and communications, and beauty and wellness. As of March 31, its total assets stood at Dh39 billion.

Bouazza said the focus in the first quarter of 2024 was on delivering strong growth across existing subsidiaries and adding new high-value acquisitions to its portfolio.

“As a result, net profit and revenue of our operating portfolio grew by 39 per cent and 45 per cent respectively, with Q1 net profit standing at Dh393 million excluding fair value changes.”

The group’s investments include stakes in Emirates Driving Company, Taqa, Viola Communications, Media 247, Backlite, Getty Images, and Breakwater Energy, among several others. Investment and other income stand at Dh361 million.

“Throughout the quarter, we unlocked value across our businesses by adding new services, introducing efficiencies, and reducing operating costs – making us leaner while elevating margins and shareholder returns. Our first acquisition in 2024 was Backlite Media and we will continue to invest in value-accretive targets and acquire profitable companies in emerging markets and across the globe, both in existing and new sectors.”

Eye on Indian market

The group has a presence in five countries and eyes further geographic expansion, especially in India.

“We have deals that we’re looking at in India. We are planning a trip to Indonesia and trying to look at sectors either to add more companies within the four sectors, we operate, or get into new sectors, which promise double-digit growth,” Bouazza noted, and added: “2024 is the ‘Year of Efficiency’ at Multiply Group, where we have identified areas of EBITDA uplift across our businesses that will come from revenue synergies, cost optimisation and digital transformation and AI initiatives that enhance customer acquisitions and automate processes. Therefore, we are positive about our outlook for 2024, but more importantly the long-term sustainable growth of Multiply Group.”

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