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Multiply Group, the Abu Dhabi-based investment holding firm, saw a steep drop in its 2023 full-year net profit attributable to 337.8 million UAE dirhams ($91.9 million) from AED18.56 billion in 2022, which the company said was brought on by ‘unrealised fair value changes on market volatility’.
The net profit for FY2023, excluding fair value changes, was reported at AED1.1 billion.
Group revenue increased by 15% year-on-year (YoY) to AED1.29 billion in 2023, up from AED1.13 billion the previous year, driven by growth across four verticals (+5% YoY) and the consolidation of Media 247 under the media vertical and each of Fisio and The Juice Spa and Salon under Beauty & Wellness vertical, the company said in its earnings statement on the Abu Dhabi Securities Exchange.
The group, which owns Emirates Driving Company, maintained a cash balance of AED1.11 billion.
Under Multiply+, the public market portfolio closed the year with a valuation of AED32.9 billion, compared to an initial investment of AED15.5 billion.
Samia Bouazza, Group CEO and Managing Director: “The year was also marked with strategic investments, where we completed the acquisition of a majority stake in Media 247, which closed the year with AED79 million in profit; and under Multiply+ arm, we invested AED367 million for a minority stake in EIG’s Breakwater Energy, which offers a strong dividend profile, as we continue to focus on our commitment to increase shareholder returns.”
(Writing by Bindu Rai; editing by Brinda Darasha)
