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Multiply Group posts Dh334.9 million profit for Q1
Multiply Group reports robust start to 2022 as first quarter results reveal strong revenue and investment income
An investor looks up at electronic boards displaying stock information at the Abu Dhabi Securities Exchange stock market. — File photo
Multiply Group, a technology-focused holding company listed on the Abu Dhabi Securities Exchange (ADX), has reported a net profit of Dh334.9 million for the first quarter of 2022.
The group showed revenue of Dh241.2 million during the January-March quarter compared to Dh3.6 million in the same quarter last year. However, gross margin stood firm at Dh120.6 million in first quarter of 2022 while investment and other income reached at Dh257 million.
The growth in revenue and investment income continues to reflect the positive outcomes of Multiply Group's acquisitions and business combinations in 2021 and early 2022.
The group, which listed on ADX in December, continues to make significant investments in 2022. By March 2022, Multiply Group had been included on the FADX 15 index, cementing its position as a major listed company in the UAE less than four months after its listing on ADX.
In January, Multiply launched its Digital Transformation program aimed at increasing operational margins and future-proofing its subsidiary companies.
In the same month, the group, which has a portfolio across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy, also invested Dh92 million in Rihanna’s Savage X Fenty, a direct-to-consumer e-commerce fashion company. The investment was a part of a funding round alongside other international investors that included Neuberger Berman and LionTree LLC.
In April, Multiply Group also invested Dh367 million in the initial public offering of Dubai Electricity and Water Authority’s (Dewa), one of the region’s leading fully integrated utilities companies.
The group continues to benefit from a strong liquidity position, with Dh3.08 billion in cash and bank balances. Multiply's strategy is to pursue profitable growth through a diversified portfolio striking a balance between steady companies that generate recurring income and high-growth businesses.
— muzaffarrizvi@khaleejtimes.com
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