Multiply Group Advance Its Market Lending Position in 2024
Multiply Group, the Abu Dhabi-based investment holding company, which held its Annual General Meeting (AGM) on Wednesday at the company’s headquarters, reviewed its strong financial performance, successful vertical expansion through key acquisitions, and roadmap for sustained growth in 2025.
The company has advanced its market-leading position in 2024 with the successful completion of three acquisitions across the mobility, media, and beauty sectors.
While Emirates Driving Company acquired a 51% stake in Excellence Premier Investment LLC, a parent company of the Excellence Driving Centre based in Dubai, Multiply Group’s 51% owned beauty anchor and UAE leading beauty provider, Omorfia Group, acquired 100% of The Grooming Company Holding (TGCH). Additionally, it also consolidated 100% of BackLite Media, a premier Digital Out-of-Home advertising company.
These acquisitions, combined with the strategic expansion and enhanced operational efficiency of established group companies, propelled robust performance during the year, the company said.
In 2024, Multiply Group reported a net profit excluding fair value changes of $280 million in its full-year financials and also delivered strong operational performance, exceeding expectations with double-digit EBITDA growth of 15% y-o-y, reaching a record high of $520 million.
Last year was “The Year of Efficiency” for Multiply, with the Group taking a rigorous approach to optimising operations, identifying cost-saving opportunities, and refining its structure by streamlining procurement, consolidating roles, and eliminating unnecessary business layers, the company said.
Alongside this, technology has been a powerful enabler of Multiply Group’s efficiency strategy, where the Group modernised technology infrastructure across its business and introduced innovative revenue-generating solutions. As a result, Multiply Group achieved over $13.61 million in efficiency gains, exceeding the initial target of $12.25 million. This translated into more than a 6% uplift in operational EBITDA.
Decisive Action
In his shareholder letter published earlier on Wednesday, Multiply Group Chairman Syed Basar Shueb said that 2024 was defined by decisive action and calculated growth, underpinned by the Group’s relentless focus on sector expertise, operational efficiencies, and diversification.
“Our three key acquisitions in 2024 exemplify this approach, driving synergies and unlocking new revenue streams across our subsidiaries. At the same time, we have strengthened our core businesses, ensuring that growth is not just sustained but accelerated,” he explained.
He further added: “Multiply will continue to identify valuable opportunities, harness cutting-edge technologies to drive AI-driven efficiencies, and propel our subsidiaries towards sustained, high-impact growth.”
In her shareholder letter, Multiply Group’s CEO and Managing Director Samia Bouazza said that the company’s revenue surpassed the $540 million mark, surging 56% y-o-y, and they registered double-digit growth in EBITDA, as a result of acquiring value-accretive targets and scaling efficiently while maintaining market leadership.
She said that they continued to remain in a strongly acquisitive position with a capacity to deploy $1.09 billion and were poised to benefit from any upcoming market shifts.
“Our utmost responsibility will continue to be guarding our balance sheet as we commit to another year of double-digit EBITDA growth and to ensuring sustainable, long-term value creation to shareholders,” she added.
During the meeting, the shareholders approved all agenda items including reviewing and approving the report of the board of directors on the company’s activity and financial position, releasing the board members and auditors from their liabilities for the fiscal year, and appointing the company’s auditors for the current fiscal year.
