Abu Dhabi-based investment holding company Multiply Group announced a net profit of Dh1.04 billion for 2024, excluding fair value changes. The company achieved a 15% year-on-year increase in EBITDA, reaching Dh1.9 billion.
Group revenue rose by 56% to over Dh2 billion, driven by 10% organic growth across all verticals and contributions from acquisitions, including Media 247, BackLite Media, The Grooming Company Holding, and Excellence Premier Investment.
The company maintains a cash balance exceeding Dh2 billion, with an additional investment capacity of up to Dh4 billion. In 2024, approximately Dh1 billion was allocated to three acquisitions aligned with Multiply’s vertical integration strategy.
“As we harness the latest technological advancements, including AI-driven efficiencies, we remain committed to identifying and capitalising on high-impact opportunities,” said Samia Bouazza, Group CEO and Managing Director of Multiply Group. “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.”
The efficiency program launched in Q2 2024 yielded over Dh50 million gains, surpassing the initial target of Dh45 million. Initiatives included cost-cutting measures, procurement savings, and restructuring efforts.
Under the Multiply+ portfolio, the public market valuation closed the year at Dh32 billion, up from an initial investment of Dh15 billion. Despite market fluctuations, the portfolio’s performance remains strong.
Emirates Driving Company, part of the Mobility vertical, achieved a 28% year-on-year EBITDA growth, primarily due to the consolidation of Excellence Premier Investment and cost optimisation strategies.
The Beauty & Wellness vertical reported a 30% increase in EBITDA, bolstered by the acquisitions of Juice Spa & Salon and The Grooming Company Holding.
