Multiply Group Reports Strong Growth And Strategic Investment Plans For UAE

The Abu Dhabi-based investment holding company, Multiply Group, recently convened its General Assembly Meeting (GAM), showcasing a year marked by robust growth and a significant positive impact from its business operations and investments. The meeting highlighted the company's financial health, portfolio expansion, and strategic investment approaches within its two divisions, Multiply and Multiply+. Furthermore, the Group's dedication to fostering economic and societal benefits across the UAE was also discussed. A forward-looking strategy was outlined for the upcoming year, aiming to maintain the Group's momentum into 2024.

Andre Sayegh, Chairman of the Board of Directors at Multiply Group, in his opening address, shared insights into the Group’s performance over the past year. He noted a 15 percent increase in both operating net profit and revenue from subsidiaries. This growth is attributed to the potential for future synergies, revenue enhancement, and cost efficiency among portfolio companies. Sayegh emphasized the Group's strategic focus on investments that promise sustainable impact on the UAE's economy.

"Our financial solidity combined with our agile and dynamic investment management teams positions us for significant growth into 2024 and beyond," Sayegh remarked. In 2023, Multiply reported a net profit excluding fair value changes of AED 1.1 billion, marking a 2.4-fold increase from the previous year. This growth was propelled by strong operational performance, higher investment income, and an increased share of profit from Kalyon JV. Despite market volatility affecting unrealized fair value changes, the reported net profit stood at AED 552 million.

Group revenue saw a 15 percent year-on-year increase to AED 1.3 billion, driven by organic growth across its four verticals and strategic acquisitions under its Media and Beauty & Wellness verticals. Multiply Group's internal culture and CSR initiatives have also earned it recognition as a Great Place to Work and for its climate action efforts.

Samia Bouazza, CEO and Managing Director of Multiply Group, shared her perspective on the Group's strategy moving forward. "Our focus in 2023 was on strengthening our verticals through new services and synergies across our portfolio," she stated. This approach led to substantial growth in subsidiary earnings, with net profit excluding fair value changes doubling from the previous year to AED 1.1 billion.

Bouazza highlighted the Group's commitment to organic growth, technological integration for operational optimization, and exploring new investment opportunities that generate cash flow. Preparations are also underway for an IPO of the media vertical, signaling ambitious plans for future expansion.

The GAM also covered key agenda items such as reviewing the board of directors' report on company activities and financial status, releasing board members and auditors from their liabilities for the fiscal year, and appointing auditors for the current fiscal year.

Multiply Group's strategic priorities set during this meeting underscore its commitment to driving growth while making meaningful contributions to the UAE economy and society. With a clear focus on sustainable investments and operational excellence, Multiply Group is poised for continued success in the years ahead.

With inputs from WAM