Multiply Group, an Abu Dhabi-based technology-focused investment holding company, reported a sharp decline in its 2023 profit due to lower investment income and higher expenses and finance costs, but its annual revenue climbed driven by acquisitions.
The company's profit attributable to owners of the company for the 12 months to the end of December fell to Dh337.8 million ($92 million) from Dh18.4 billion reported during the same period in the previous year, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The company's net profit excluding fair value gains more than doubled to Dh1.14 billion.
Finance costs for the year more than doubled to Dh415.6 million. The company's expenses climbed more than 27 per cent annually to Dh302.7 million, while investment and other income fell 97 per cent to Dh407.3 million.
Multiply's revenue for the reporting period rose 15 per cent on an annual basis to about Dh1.3 billion on the back of new acquisitions.
“In 2023, we worked diligently on building our verticals – creating value by adding new services, identifying portfolio-wide synergies, investing in bolt-on acquisitions, buying competitors and enhancing margins,” said Samia Bouazza, group chief executive and managing director at Multiply Group.
The company did not disclose the financials for the fourth quarter specifically.
Multiply, a subsidiary of Abu Dhabi's International Holding Company, made new acquisitions last year as it continues to grow its portfolio.
In September, it bought a 55 per cent stake in outdoor advertising company Media 247 for Dh225 million as part of portfolio expansion.
Multiply also bought a stake in LVL Technology Holding for an undisclosed amount and a minority stake in Breakwater Energy, a top institutional investor in the global energy and infrastructure sectors, for Dh367 million amid its global expansion plans.
It also has stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge and Getty Images.
Multiply is “well-positioned and laser-focused on the path ahead, where we seek to continue driving strategic investments that will create lasting and meaningful impact across the UAE economy”, its chairman Andre Sayegh said.
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.
Multiply+, the group's non-core sectors focused investment arm, has set a target of double-digit returns across several asset classes.
The company’s balance sheet remains robust with a cash balance of Dh1.56 billion, it said.
Total assets in 2023 climbed to Dh42.2 billion from Dh41.2 billion in the previous year.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
More on animal trafficking
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
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