Dubai: Abu Dhabi's Multiply Group has reported a 9-month net profit of Dh881.1 million, marking a significant 199 per cent increase compared to the same period last year.
The investment holding firm reported a Q3 2023 net profit of Dh331 million, excluding fair value changes. This represents a substantial 337 per cent increase from Dh76 million in the same quarter of 2022. When including fair value changes, the net profit for Q3, 2023, stands at Dh145.77 million.
As we continue to diversify our asset portfolio and prepare selected verticals for IPO, we are also making significant strides investing and embedding new innovations and technologies to augment operations across our verticals.
The Group's Q3 2023 revenue reached Dh351.8 million, marking a 23.82 per cent year-over-year growth driven by organic expansion in its four core sectors (+9 per cent YoY) and the consolidation of Media 247 and LVL from July 1, 2023. The gross profit margin improved to 50.1 per cent, up by 128 basis points from Q3 2022.
This growth was supported by Dh194.37 million in dividend income from the Group's public portfolio and an increased share of profit due to the change in the Turkish JV Kalyon's functional currency from Turkish Lira to USD, Multiply said on Saturday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The Group boats a robust cash position of Dh 1.65 billionfavourable debt-to-equity and debt-to-assets ratios, and access to over Dh4 billion in financing capacity.
With its two investment arms, Multiply and Multiply+, the Group continues to target profitable opportunities across various asset classes. Multiply's current investment sectors are mobility, energy and utilities, media and communications, and beauty and wellness. Multiply+ remains open to various sectors, aiming for double-digit returns across asset classes. The public market portfolio under Multiply+ is currently valued at Dh33.28 billion, compared to an initial investment of Dh15.43 billion.