Multiply Group, an Abu Dhabi-based investment holding firm, recently announced strong first-quarter results with a net profit of Dh393 million, a 48% increase from the same period in 2023. The group reported a 45% year-on-year increase in revenue to Dh391 million, driven by growth across all verticals and the consolidation of Media 247 and BackLite Media under the media vertical. Group CEO and managing director Samia Bouazza mentioned during a media briefing that they are preparing for an initial public offering (IPO) for its media unit in the next 12 months.
Listed on the Abu Dhabi bourse in December 2021, Multiply Group has a portfolio of eight subsidiaries across five countries. Core assets are spread across four verticals: mobility, energy and utilities, media and communications, and beauty and wellness, with total assets as of March 31 amounting to Dh39 billion. The focus for the group in the first quarter of 2024 was on delivering strong growth across existing subsidiaries and acquiring new high-value assets to add to its portfolio.
The group’s investments include stakes in Emirates Driving Company, Taqa, Viola Communications, Media 247, Backlite, Getty Images, and Breakwater Energy, among others, with investment and other income at Dh361 million. Bouazza mentioned that they have been unlocking value across their businesses by adding new services, introducing efficiencies, and reducing operating costs to elevate margins and shareholder returns. The first acquisition in 2024 was Backlite Media, and they plan to continue investing in value-accretive targets in emerging markets and new sectors.
With a presence in five countries, Multiply Group is looking to further geographic expansion, especially in India. Bouazza stated that they are considering deals in India and planning a trip to Indonesia to explore opportunities to add more companies within their existing sectors or venture into new sectors with double-digit growth potential. The focus for 2024 is on efficiency, identifying areas for EBITDA uplift through revenue synergies, cost optimization, digital transformation, and AI initiatives to enhance customer acquisitions and automate processes for sustainable long-term growth.
In conclusion, Multiply Group’s successful first-quarter results reflect its strategic approach to growth and expansion in key markets. With plans for an IPO for its media unit and a focus on efficiency and value creation, the group is well-positioned for continued success in 2024. Through investments in high-potential sectors and geographic expansion, Multiply Group aims to capitalize on emerging opportunities and maintain its reputation as a leading investment holding firm in the region.