Multiply Group Reviews Strong Financial Performance In 2024 And Sets Strategic Direction For Growth In 2025

Multiply Group, an investment holding company based in Abu Dhabi, recently conducted its General Assembly Meeting at its headquarters. The meeting focused on reviewing the company's impressive financial performance, successful acquisitions, and plans for sustained growth in 2025. In 2024, Multiply Group solidified its market position by completing three significant acquisitions in the mobility, media, and beauty sectors.

In his shareholder letter, Syed Basar Shueb, Chairman of the Board of Directors at Multiply Group, stated: "This year was defined by decisive action and calculated growth, underpinned by the Group’s relentless focus on sector expertise, operational efficiencies, and diversification. Our three key acquisitions in 2024 exemplify this approach, driving synergies and unlocking new revenue streams across our subsidiaries. At the same time, we have strengthened our core businesses, ensuring that growth is not just sustained but accelerated."

The Emirates Driving Company acquired a 51% stake in Excellence Premier Investment LLC. This company is the parent of Dubai's Excellence Driving Centre. Omorfia Group, a leading beauty provider owned 51% by Multiply Group, acquired The Grooming Company Holding entirely. Additionally, Multiply Group consolidated full ownership of BackLite Media.

These strategic acquisitions enhanced operational efficiency and contributed to robust performance throughout the year. The group's net profit for 2024 was AED 1.04 billion when excluding fair value changes. Operational performance exceeded expectations with a 15% increase in EBITDA year-on-year.

Multiply Group declared 2024 as The Year of Efficiency. They focused on optimising operations and identifying cost-saving opportunities. The group streamlined procurement processes and eliminated unnecessary business layers to refine its structure. These efforts resulted in over AED 50 million in efficiency gains.

The group modernised technology infrastructure across its business units to support these initiatives. Innovative revenue-generating solutions were introduced as part of their strategy to enhance efficiency further.

Financial Achievements and Future Plans

Samia Bouazza, CEO and Managing Director of Multiply Group, highlighted: "In 2024, our FY Group revenue surpassed the AED 2 billion mark, surging 56% year-on-year." She noted that acquiring value-accretive targets contributed to this success while maintaining market leadership.

Bouazza also mentioned that they are well-positioned to deploy AED 4 billion for future acquisitions. Their focus remains on safeguarding their balance sheet while committing to another year of double-digit EBITDA growth.

The shareholders approved all agenda items during the General Assembly Meeting. These included reviewing the board's report on company activities and financial status. They also released board members and auditors from liabilities for the fiscal year.

The meeting concluded with appointing auditors for the current fiscal year. This decision aligns with Multiply Group's commitment to ensuring sustainable long-term value creation for shareholders.

With inputs from WAM