Abu Dhabi-listed holding company Multiply Group has reported a profit attributable to owners of 362 million dirhams ($98.5 million) for Q2 2023, up from AED 98.7 million last year.

The group, which has subsidiaries including ADX-listed Emirates Driving Company and Pal Cooling Holding, said it was seeing value accretive acquisition opportunities emerge globally across its operating verticals and investment arm.

Samia Bouzza, group CEO and managing director said the company will continue to focus on growing operating businesses and enhancing our income streams to power sustained growth.

“With access to AED 2 billion in cash and over AED 4 billion in financing capacity, we continue to seek lucrative opportunities here in the UAE and globally,” she said.

The company’s profit for H1 2023 was AED 325.4 million, down from AED 389.3 million in 2022.

Revenue for Q1 2023, was AED 276.4 million, up from AED 266 million YoY, and AED 545.5 million for H1 2023, up from AED 507 million.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)

imogen.lillywhite@lseg.com