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Abu Dhabi’s Multiply Group has made a significant net profit in less than a year, boosted by a series of acquisitions in 2021, the company said in a statement on Friday.
Net profit made from July, when the company first started, to December 31, 2021 reached 225.2 million dirhams ($61.3 million), Multiply Group said in its first financial partial results since listing on Abu Dhabi Securities Exchange (ADX) in December.
The company, which made a series of acquisitions and strategic investments in 2021, had a total of 11.6 billion dirhams in assets under management as of December 31.
Multiply Group completed five deals in 2021, including the 100 percent takeover of Pal Cooling, an increase in ownership of Viola Communications to 100 percent and the acquisition of significant stakes in Emirates driving Company and Omorfia Group, and US-based digital marketing firm Firefly.
Last month, the company said it has invested 92 million dirhams in recording artist and entrepreneur Rihanna’s e-commerce fashion company Savage X Fenty.
Prior to its debut on the Abu Dhabi bourse, the company raised 3.1 billion dirhams in a private placement that was 16 times oversubscribed.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
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