Abu Dhabi’s Multiply Group reports robust Q1 results, with a net profit (excluding fair value changes) of Dh393 million, marking a 48% increase from Q1 2023’s Dh266 million.
Group revenue surged by 45% year-on-year to Dh391 million, propelled by growth in all sectors and the integration of Media 247 and BackLite Media into the media segment.
Expanding Horizons: Multiply Group’s Diverse Portfolio and IPO Plans
During a media briefing, the group’s CEO and managing director, Samia Bouazza, stated that the company is gearing up for a potential initial public offering (IPO) of its media unit within the next 12 months.
“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 mentioned.
Listed on the Abu Dhabi bourse since December 2021, Multiply Group boasts an expanding portfolio comprising eight subsidiaries across five nations. Its primary assets span four promising sectors: mobility, energy and utilities, media and communications, and beauty and wellness. As of March 31, its total assets reached Dh39 billion.
Bouazza emphasized that the primary focus in the first quarter of 2024 was achieving robust growth within existing subsidiaries while also pursuing strategic acquisitions to enhance the portfolio’s value.
“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 investment portfolio encompasses interests in Emirates Driving Company, Taqa, Viola Communications, Media 247, Backlite, Getty Images, Breakwater Energy, and numerous others. Investment and miscellaneous income amount to 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.”
Strategic Expansion Initiatives and Efficiency Drive: Multiply Group’s Vision for Sustainable Growth
The group operates in five countries and is actively seeking to expand its geographic footprint, with a particular focus on growth opportunities 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.”
