Abu Dhabi - Mubasher: The net profits excluding fair value gains/ losses of Multiply Group surpassed AED 266 million in the first quarter (Q1) of 2023, recording a 241% year-on-year (YoY) leap.
The UAE-based company posted revenues worth AED 269.08 million in the three-month period that ended on 31 March 2023, an annual growth of 11.55% from AED 241.21 million, according to a press release.
Total assets stood at AED 41.44 billion in Q1-23, up from AED 41.20 billion as of 31 December 2022.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, highlighted: “As we release our first earnings report for 2023, we continue to build a leadership position across our portfolio companies, with aggressive pursuit of organic growth.”
“We have begun the year growing our Media and Communications vertical with the aim of consolidating country-wide assets in the out-of-home media space,” Bouazza added.
She noted: “I am confident that the stability and growth demonstrated by these businesses, and our focused acquisition strategy leave us well positioned to accelerate our growth plans over the coming quarters.”
Dividends
The CEO stated: "During Q1, the group generated AED 303 million of dividends from its public market portfolio. This is a key value driver amid the ongoing market volatility and uncertainty surrounding the global macros."
Last month, the ADX-listed group inked a binding deal to acquire a 55% majority stake in Media 247 at a value of nearly AED 184 million.
In the January-December 2022 period, the company’s net profits attributable to the owners hiked to AED 18.42 billion from AED 184.91 million in 2021.
