Multiply Group, an Abu Dhabi Securities Exchange (ADX) listed technology holding company, has announced a net profit of Dh225.2 million for the year 2021.
The group, which is reporting its first financial partial results since listing on ADX in December, carried out a series of major acquisitions and business combinations during 2021 – all of which were completed in the second half of the year. These companies have been fully consolidated from the date the group made its investment, and this is therefore reflected in their revenue contribution. The group had Dh11.6 billion in assets under management as of December 31, 2021.
Over the past year, Multiply Group has expanded its portfolio through a range of acquisitions, and strategic investments across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. The company completed five transactions in 2021, including the full acquisition of Pal Cooling Holding, an increase in ownership of Viola Communication to 100 percent, and the acquisition of significant stakes in Emirates Driving Company and Omorfia Group, and US-based digital marketing firm Firefly.
“The combination of financial strength along with an agile and dynamic investment team will drive significant growth in the coming years,” said Andre Sayegh, chairman of Multiply Group. “The group will deepen and synergize the operations of its existing entities as well as invest in technologically advanced companies that have a solid track record.
The high-profit report is owing to the strong leverage-free liquidity position of the group by raising Dh3.1 billion in a pre-listing private placement that was oversubscribed about 16 times. Thus, the continuing strategy of the company is to achieve profitable growth through diverse investments and operations in steady companies that generate recurring income and high-growth businesses that provide room for constant innovation.
