Multiply Group's third-quarter revenue jumps 24% on strong performance by its units

The Abu Dhabi company aims to capitalise on emerging value-accretive acquisitions worldwide to improve growth

Abu Dhabi-listed Multiply Group continues to expand its operations with new deals. Photo: Multiply Group
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Multiply Group, an Abu Dhabi-based technology-focused investment holding company, reported a near-24 per cent annual jump in its third-quarter revenue, driven by the strong performance of its business units.

Net revenue for the three months to the end of September climbed to about Dh352 million ($96m), the company said in a statement on Saturday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.

“As we continue to diversify our asset portfolio and prepare selected verticals for IPO [initial public offering], we are also making significant strides investing and embedding new innovations and technologies to augment operations across our verticals,” said Samia Bouazza, Multiply's group chief executive and managing director.

Multiply, a subsidiary of Abu Dhabi's International Holding Company, was listed on the ADX in December 2021 through a private placement deal that raised Dh3.1 billion and was 16 times oversubscribed.

The company has been investing across its two units, Multiply and Multiply+.

Multiply operates and invests in four business lines – mobility, energy and utilities, media and communications, and beauty and wellness.

Meanwhile, Multiply+, the group's non-sector-focused investment arm, has set a target of double-digit returns across several asset classes.

Net profit attributable to owners of the company for the third quarter slid to Dh84.8 million compared to Dh9.2 billion during the same period last year, according to the financial statement.

Investment and other income declined for the quarter, while finance costs and general and administrative expenses rose during the period.

The company also said its net profit excluding fair value changes during the period surged 337 per cent year-on-year to Dh331 million.

“Multiply Group remains poised to capitalise on emerging value-accretive acquisition opportunities worldwide, spanning its operating verticals and investment arm,” it said.

The company said it has a cash position of Dh1.65 billion, favourable debt-to-equity and debt-to-assets ratios, and access to more than Dh4 billion in financing capacity.

The company continued to expand its portfolio and announced a number of deals recently.

Last month, it bought a 55 per cent stake in outdoor advertising company Media 247 for Dh225 million.

Media 247 has a portfolio of 45 exclusive outdoor premium hoardings, unipoles and 3D structures in a number of locations in Dubai.

It offers services including media management, printing and transit media solutions across Dubai's taxi fleet.

Multiply has also invested in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, LVL Technology, Borouge and Getty Images.

In July, it bought a minority stake in Breakwater Energy for Dh367 million.

The group remains “well on track” to double its net profit this year from companies where it has a controlling stake, its Ms Bouazza told The National in July.

Updated: October 22, 2023, 6:54 AM