Multiply Group sees Dh1.95 billion in profits during Q3

Dubai: Abu Dhabi's Multiply Group posted a net profit of Dh1.95 billion in the third quarter of 2025, up 162% year-on-year, as operational revenue surged 191% across its portfolio and the group booked a Dh2.7 billion gain from the sale of PAL Cooling.

The group reported revenue of Dh1.22 billion for the quarter and an adjusted EBITDA of Dh597 million, marking a 56% increase from a year earlier. Adjusted net profit reached Dh253 million, while total assets stood at Dh53 billion and the cash position remained strong at Dh2.5 billion, reflecting Multiply’s solid financial footing.

The company also recorded an Dh845 million impairment loss on its investment in Kalyon Enerji. Excluding one-off items, operational EBITDA from portfolio companies rose 124%, driven by organic expansion and the consolidation of Spain-based fashion retailer Tendam, acquired earlier this year for Dh5.6 billion.

Multiply’s public markets arm, Multiply+, reported a portfolio valuation of Dh31.5 billion, more than double its invested amount of Dh14.7 billion.

CEO Samia Bouazza said the quarter’s “revenue growth reflects strong global performance across all verticals, underpinned by the Tendam acquisition, organic growth, and AI deployment.”

The Board approved a proposal to acquire 2PointZero and Ghitha Holding through a share swap, forming a Dh120 billion diversified investment group spanning energy, food, logistics, packaging, mining, and retail.

During the quarter, Multiply Group executed several strategic transactions that strengthened its portfolio. The company completed the sale of PAL Cooling for Dh3.87 billion to a consortium formed by Tabreed and CVC DIF, marking a deliberate exit and capital reallocation towards core growth sectors.

Emirates Driving Company (EDC), a Multiply subsidiary, acquired a 22.5% stake in Mwasalat Holding, formalising its entry into smart and sustainable mobility. The Group also announced plans to acquire a majority stake in Italy-based ISEM Packaging Group, expanding into the European packaging sector.

Meanwhile, Tendam, its newly consolidated fashion business, grew revenue by 7.5% despite softer market conditions, supported by strong online sales and continued market share gains. In beauty and wellness, Omorfia posted 10% organic EBITDA growth, driven by digital transformation and operational optimisation across its 149 salons in five countries.

Bouazza added that Multiply remains “disciplined in its investment approach, leveraging AI-driven efficiencies and redeploying capital toward businesses that strengthen our verticals and expand global reach.”