Multiply Group reports robust start to 2022 as first quarter results reveal strong revenue and investment income
ABU DHABI, 25 April 2022 – Multiply Group (ADX: Multiply or the “Group”), a technology-focused holding company listed on the Abu Dhabi Securities Exchange (ADX), has reported a net profit of AED 334.9 million for the first quarter of 2022.
The Group’s Q1 2022 figures show revenue of AED 241.2 million (Q1 2021: AED 3.6 million) and gross margin of AED 120.6 million.
Meanwhile, investment and other income for Q1 2022 was AED 257 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 AED 92 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 AED 367 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 AED 3.08 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.