Multiply Group | Abu Dhabi, UAE
Multiply Group P.J.S.C Financial results  for Full Year 2023
07 Feb 2024

Multiply Group (ADX: MULTIPLY), a leading Abu Dhabi-based investment holding firm, today reports full year 2023 results with a net profit excluding fair value changes[1] of AED 1.1 billion, 2.4x last year. Robust underlying profit growth was led by strong operational performance, higher investment income and increased share of profit from Kalyon JV. The reported net profit, including unrealized fair value changes on market volatility backdrop, came in at AED 552 million.


Group revenue increased by 15% YoY to AED 1.3 billion, reflecting the strength of our vertical building strategy, driven by organic growth across the four verticals (+5% YoY) and the consolidation of Media 247 under the Media vertical and each of Fisio and The Juice Spa and Salon under Beauty & Wellness vertical. Blended gross profit margin improved to 51.3%, reflecting an improvement of 70 basis points YoY as a result of enhanced profitability across core verticals.


Group net profit growth (excluding unrealized fair value changes) which more than doubled YoY was driven by strong vertical performance (19% YoY blended growth) and was reinforced by increased share of profit from Kalyon JV with the commencement of solar power project (capacity of 1,350 MW) in early 2023 coupled with tripling of investment & other income[2] on higher dividends received from the Group’s public portfolio.


Balance sheet remains robust with cash balance of AED 1.56 billion. The Group demonstrated its financial prowess by building a diversified portfolio of strong assets across its four core verticals (Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness) whilst investing in lucrative assets under Multiply+ for double-digit returns. Under Multiply+, the public market portfolio closed the year with a valuation of AED 32.9 billion, compared to an initial investment of AED 15.5 billion. As for the core operational portfolio, the Group focusses on driving synergies and integration among the businesses under each vertical with emphasis on accelerating digital transformation and operational efficiencies.


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