Today's Edition
ABU DHABI (ALETIHAD)
Multiply Group, a leading Abu Dhabi-based investment holding firm, on Monday reported its Q1 2025 results with an EBITDA excluding fair value changes of Dh572 million, representing a 19% growth compared to the same period last year (Dh482 million in Q1 2024).
Robust underlying profit growth was driven by strong performance across business verticals. Reported profit of Dh210 million includes over Dh133 million of paper losses from unrealised changes in fair value driven by periodic market fluctuations with no implications on the operational performance of the business offset by Dh328 million Investment income.
Group revenue increased by 50% YoY to Dh585 million, driven by growth across all verticals. Blended gross profit margin remained healthy at 49%, reflecting continued profitability across core verticals.
The Group’s net profit from operating businesses increased by 26% on the back of the Beauty & Wellness vertical growing net profit by more than 120% and the Media & Communications vertical increasing net profit by 38% as a result of organic and inorganic growth. Share of loss from Kalyon JV increased to Dh25 million in Q1 2025 (Q1 2024 - Dh14 million) as a result of hyperinflationary accounting and amortisation of deferred tax asset.
Balance sheet remains robust with cash balance of Dh1.73 billion. The Group again demonstrated the value of its long-term strategy by building a diversified portfolio of strong assets.
Strategic Investments and Partnerships in Q1’25
Multiply Group signed an agreement to acquire a controlling stake of 67.91% in Castellano Investments, which owns Spanish fashion retailer Tendam, in the UAE's company's first major foray into Europe and the retail and apparel sector. Multiply signed the deal with CVC Funds and PAI Partners, to become the majority shareholder in Castellano Investments.
The media vertical of Multiply Group signed a memorandum of understanding (MoU) with Al Arabia Outdoor Advertising, setting the stage for the creation of a joint entity dedicated to investing in the global out-of-home (OOH) advertising sector, strengthening global presence and supporting expansion plans into international markets.
Multiply Group appointed an artificial intelligence-powered board observer in a decision designed to embed innovation into corporate governance and decision making. The AI observer, named MAI, will provide the board with real-time data analysis and forward-thinking insights, to enhance strategic decision making, ensuring Multiply Group remains ahead of market trends and industry innovations.
According to the Abu Dhabi Securities Exchange (ADX) data, Multiply Group’s net capitalisation stands at Dh24.416 billion. International Holding Company’s (IHC) is the majority stakeholder in the company.
