Multiply Group | Abu Dhabi, UAE
Multiply Group Reports Net Profit Excluding Fair Value Changes of AED 215 million for Q2 2023, a 101% Increase Compared to the Same Period Last Year – Closes Q2 with AED 400 million in Net Profit
25 Jul 2023

ABU DHABI, 25 July 2023 Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, has reported a net profit of AED 400 million for Q2 2023, compared with 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 realised and unrealised capital gains. Multiply 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, profit excluding fair value movement, Multiply Group reported a substantial increase of 146.23% from H1 2022 to H1 2023. The Group's current public market portfolio stands at a value of AED 33.4 billion, versus an invested amount of AED 12.3 billion.



Samia Bouazza, Group Chief Executive Officer and Managing Director at Multiply Group, commented:


“Our Q2 earnings report for 2023 highlights the growth across our diversified portfolio of assets, driven by our pursuit of creating long-term value through strategic investments. We report a profit of AED 215 million, excluding fair value changes, reflecting our focus on acquiring and growing assets that yield strong recurring income.


We expanded our Media portfolio by acquiring a 55% stake in Media247 and invested USD 100 million in EIG, which offers a very attractive dividend profile.


We also reaffirmed our commitment to societal contribution and environmental sustainability, as demonstrated in our work with 4ocean, Logos Hope, and the mangrove plantation project in the UAE.


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 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."


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 AED 2 billion, healthy debt-to-equity and debt-to-assets ratios, and access to over AED 4 billion in financing capacity.


Multiply Group will continue deploying capital across its two distinct arms: Multiply and Multiply+. Multiply 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.


Q2 2023 Group Highlights


Key Investments

In April, Multiply Group presented a binding offer to acquire a 55% stake in Dubai-based outdoor advertising company Media247. This strategic move came as part of the Group’s ambition to establish the largest integrated multi-brand media provider in the GCC by consolidating Out-of-Home and Digital Media businesses.


Earlier this month, Multiply Group invested AED 367 million in EIG Breakwater Energy, becoming part owner of a highly profitable and cash generative, diversified global upstream portfolio with an attractive dividend profile. This investment falls under the Group’s sector-agnostic and opportunistic investment arm, Multiply+.​​​​​​​


Subsidiary Milestones

Emirates Driving Company (EDC) registered a net profit increase of 29% in Q2 2023 compared to the same period last year. EDC participated in a promotional tour in New York, organised by Abu Dhabi Securities Exchange (ADX) and JP Morgan Bank, highlighting the rich and diverse investment opportunities offered by ADX and growing interest in Abu Dhabi-listed companies.


Omorfia Group, Multiply Group’s Wellness & Beauty vertical anchor company with leading personal care and beauty brands under its portfolio, reported net profit growth of 60% in Q2 2023, compared to the same period last year. The company expanded the reach of Tips & Toes by opening a new branch in Port de la Mer, Dubai. With over 35 branches located across the UAE and Saudi Arabia, Tips & Toes has established itself as the largest and most successful salon and spa chain in the Middle East.


Pal Cooling Holding (PCH), a leading player in the UAE’s district cooling industry, welcomed a net profit growth of 19% in Q2 2023, compared to the same period last year. The company successfully completed and commissioned the first phase of Tamouh district cooling plant's expansion, adding an additional installed capacity of 5,000 RT. Upon the completion of the second phase later this year, the plant will have a total installed capacity of 75,000 RT. The company is also expecting to energise its new Danat district cooling plant this year, boasting a design capacity of 37,500 RT with an initial installed capacity of 22,500 RT. This will bring PCH’s total design capacity to almost 257,000 RT across its seven district cooling plants, with an installed capacity of 183,000 RT.


International Energy Holding’s Kalyon Enerji received two ISO accreditations, ISO 45001:2018 and ISO 50001:2018 in Q2 2023, after two stages of audits. They also partnered with Germany’s Enercon, a pioneer in land-based wind turbine technology, to develop a new 260-MW power plant.


Meanwhile, as Multiply Group continues to build a leadership position and create synergies across its portfolio companies, the Group’s subsidiary Viola Communications and its San Francisco-based associate Firefly partnered to launch disruptive digital out-of-home platforms in the UAE. The geotargeted digital taxi-top screens introduced on Abu Dhabi’s Tawasul fleet of taxis deliver dynamic content using location-based, GPS-enabled triggers. This ensures millions of impressions per month, connecting brands with consumers, and providing data-rich campaign reporting to maximise ROI. The agency received 5 awards at the Eventex Awards 2023 for its outstanding work for Abu Dhabi Moments and arranged and managed several large-scale events, such as TAQA’s SWS Holding journey to launch their new brand identity.​​​​​​​


International Recognition

In June 2023, Multiply Group earned a spot on Forbes’ Global 2000 list and was included in Forbes Middle East’s Top 100 Listed Companies in 2023, a testament to its financial strength and world-class position.Both lists rank companies based on sales, profits, assets, and market value.


Earlier this year, Multiply Group was officially certified as a Great Place to Work® by the global authority on workplace culture.​​​​​​​


Corporate Social Responsibility

As part of its "Cleaning up the Oceans" initiative, Multiply Group partnered up with US-based 4ocean to offset over 100,000 pounds of plastic waste, contributing to global ocean and coastline clean-up efforts and aligning with the upcoming COP28 environmental goals.


Earlier this year, a group of employees from Multiply Group and its subsidiaries volunteered to clean up a stretch of Abu Dhabi’s coastal shoreline in Al Nouf, successfully collecting 420 pounds of plastic waste.


Multiply Group also supports Logos Hope, the world's largest floating book fair, with the belief in the power of knowledge sharing in bringing positive change. During its visit to Abu Dhabi in 2023, the ship welcomed over 60,000 visitors.


Supporting the UAE’s pledge to plant 100 million mangroves by 2030, Multiply Group engaged its employees to plant 5000 mangrove trees in the UAE, contributing to carbon storage and climate change mitigation.​​​​​​​


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