Multiply Group posts net profit of Dh225m for 2021

Andre Sayegh, chairman of Multiply Group
Andre Sayegh, chairman of Multiply Group

Over the past year, Multiply Group has expanded its portfolio through a range of acquisitions, and strategic investments

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A Staff Reporter

Published: Fri 11 Feb 2022, 2:51 PM

Multiply Group, a technology-enabled holding company listed on the Abu Dhabi Securities Exchange (ADX), has reported a net profit of Dh225.2 million for the financial year ending December 31, 2021, derived from income recorded since its inception in July 2021.

The group, which is reporting its first financial partial results since listing on ADX in December, carried out a series of major acquisitions and business combinations during 2021 – all of which were completed in the second half of the year. These companies have been fully consolidated from the date the group made its investment, and this is therefore reflected in their revenue contribution. The group had Dh11.6 billion in assets under management as at December 31, 2021.

Over the past year, Multiply Group has expanded its portfolio through a range of acquisitions, and strategic investments across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. The company completed five transactions in 2021, including the full acquisition of Pal Cooling Holding, an increase in ownership of Viola Communication to 100 per cent and the acquisition of significant stakes in Emirates Driving Company and Omorfia Group, and US-based digital marketing firm Firefly.

"The combination of financial strength along with an agile and dynamic investment team will drive significant growth in the coming years," said Andre Sayegh, chairman of Multiply Group. "The group will deepen and synergize the operations of its existing entities as well as invest in technologically advanced companies that have a solid track record.

Multiply Group benefits from a strong leverage-free liquidity position, having raised Dh3.1 billion in a pre-listing private placement that was 16 times oversubscribed. The company’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. The company will invest in, and operate, disruptive, tech-driven, and scalable businesses that can provide a catalyst for continuous innovation.

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