Multiply Group reported a net profit of Dh532 million for the second quarter of 2025, including Dh318 million in unrealised gains driven by market revaluations. Adjusted EBITDA rose 38% year-on-year to Dh395 million, excluding the impact of fair value changes and losses from its joint venture with Kalyon Enerji.
Revenue for the quarter increased 39% to Dh503 million, supported by growth across the Group’s core verticals, Mobility, Beauty, and Media, as well as the full-quarter consolidation of The Grooming Company Holding and the acquisition of Excellence Driving. Gross profit margin stood at 52%.
Net profit from subsidiaries rose 52% year-on-year. The Beauty vertical more than doubled its net profit, while the Mobility unit recorded a 48% increase, supported by both organic and inorganic growth. Media posted a 23% gain.
The Group recorded a share of loss from its Kalyon Enerji joint venture of Dh54 million in Q2, compared to a gain of Dh78 million in the same quarter last year. The loss was attributed to the revaluation of EUR-denominated loans following a stronger euro.
Multiply’s public market investment platform, Multiply+, closed the quarter with a portfolio valued at Dh32 billion, more than double its Dh15 billion initial cost. The company noted that while some assets were impacted by market fluctuations, the broader portfolio continues to show long-term potential.
The Group’s cash position stood at Dh1.85 billion as of 30 June. Multiply said it remains focused on integrating operations across its verticals, improving efficiency, and deploying capital into high-return investments under its diversification strategy.
The company did not provide forward guidance, but indicated its strategy of building a multi-vertical platform through targeted acquisitions and digital transformation continues to deliver results.
