Multiply Group Reports Net Profit of $280 Million

The net profit of Multiply Group, the Abu Dhabi-based investment holding company that invests in and operates businesses globally, on Tuesday said that its net profit excluding fair value changes stood at $280 million for 2024.

Announcing the financial results for entire 2024, Multiply Group delivered strong operational performance, exceeding expectations with double-digit EBITDA3 growth of 15% y-o-y, reaching a record high of $520 million.

This robust performance was driven by its strategic focus on building vertical expertise through three successful acquisitions in 2024, the Group said in a regulatory filing with the Abu Dhabi Securities Exchange (ADX) this morning.

The Group’s revenue surged 56% y-o-y, exceeding $540 million, propelled by double digit organic growth across all verticals (+10% y-o-y, the full year impact of Media 247 which was acquired in July 2023 and the consolidation of BackLite Media, The Grooming Company Holding, and Excellence Premier Investment.

Blended gross profit margin remained healthy at 47%, reflecting the change in revenue mix within the Media vertical and the consolidation of Excellence Premier Investment under the Mobility vertical. Investment and other income including dividend income added over $270 million to bottom line.

Under Multiply+, the public market portfolio closed the year at a valuation of $8.71 billion, compared with an initial investment of $4.08 billion. Despite market fluctuations affecting the fair value of some assets, performance across the portfolio remains strong as does the underlying long-term potential from targeted investments.

The Group’s efficiency programme, which was launched in Q2 of 2024, has demonstrated significant acceleration throughout the year, exceeding expectations with over $13.61 million of efficiency gains, surpassing initial target of $12.25 million.

Going forward, the Group aims to leverage AI and advanced technologies across its businesses to extract additional value. One of the ways it is doing this is by adding to its AI talent pool at the Group level and developing a clear roadmap for EBITDA uplift driven by AI technologies.

Acquisitions

The year was marked by several strategic investment activities. Emirates Driving Company (EDC), a 48% subsidiary of Multiply Group, concluded a collaboration between leading entities in Abu Dhabi and Dubai, enabling it to expand its market presence in the UAE by acquiring a 51% stake in Excellence Premier Investment LLC, parent company of the renowned Excellence Driving Centre based in Dubai.

Furthermore, Multiply Group’s 51% owned beauty anchor and UAE leading beauty provider, Omorfia Group, acquired 100% of The Grooming Company Holding (TGCH), a premier provider of salon and beauty services in the UAE.

Earlier in 2024, Multiply Group acquired 100% of BackLite Media, a premier Digital Out-of-Home (DOOH) advertising company renowned for its strategic assets in the UAE’s most iconic locations, including Sheikh Zayed Road, Dubai and Galleria Mall, Abu Dhabi.

Multiply Group Chairman Syed B ashar Shueb said that they accelerated the growth trajectory, delivering double-digit EBITDA growth excluding fair value changes, and reinforced their position as a dynamic force in the investment landscape.

“As we harness the latest technological advancements, including AI-driven efficiencies, we remain committed to identifying and capitalising on high-impact opportunities. Looking ahead to 2025 and beyond, Multiply Group will continue making strategic, value-driven investments that generate immediate impact while creating sustainable long-term value for the Abu Dhabi economy as part of IHC’s broader vision,” he added.