Multiply Group, an investment holding firm based in Abu Dhabi, has released its financial results for the second quarter of 2024, showing a significant 60 percent increase in revenue year-on-year. The company’s operating portfolio generated Dh442 million in revenue during this period, showcasing strong growth and performance. Additionally, the group’s net profit, excluding fair value changes, reached Dh319 million, marking a 49 percent increase from the previous year. This growth was driven by the consolidation of new acquisitions as part of the company’s vertical building strategy.
The blended gross profit margin for Multiply Group remained healthy at 43.5 percent, reflecting a change in revenue mix with a higher contribution from the Media vertical following new acquisitions. In the second quarter of 2024, the Media vertical accounted for 33 percent of revenue, compared to just 8 percent in the same period in 2023. The company also saw an increase in investment and other income, including dividend income, which totaled Dh218 million. These results indicate the continued success and growth of Multiply Group’s diverse portfolio and strategic investments.
The company’s strong financial performance in the second quarter of 2024 reflects its commitment to delivering value to its stakeholders and investors. By focusing on strategic acquisitions and vertical building strategies, Multiply Group has been able to drive revenue growth and increase profitability. The increase in revenue from the Media vertical, coupled with the healthy gross profit margin, highlights the success of the company’s investment decisions and operational efficiency.
As Multiply Group continues to expand its portfolio and explore new opportunities, its financial results demonstrate the effectiveness of its growth strategies. The company’s ability to adapt to changing market conditions and capitalize on emerging trends has positioned it for continued success in the future. With a focus on delivering value to its stakeholders and optimizing its investment portfolio, Multiply Group is well-positioned to sustain its growth trajectory and capitalize on new opportunities in the market.
In conclusion, Multiply Group’s financial results for the second quarter of 2024 showcase strong revenue growth, increased profitability, and a healthy gross profit margin. With a focus on strategic acquisitions and vertical building strategies, the company has been able to drive performance and deliver value to its stakeholders. These results reflect Multiply Group’s commitment to excellence, innovation, and sustainable growth, positioning the company for continued success in the competitive investment landscape. As Multiply Group continues to expand its portfolio and explore new opportunities, its financial performance is a testament to its strategic vision and operational capabilities.
