Multiply Group, an Abu Dhabi-based investment holding company, has reported AED18.56 billion ($5.05 billion) in net profit for 2022, driven by the strong performance of the group's investments and growth in its operating portfolio. 

 

Despite several global headwinds, most of its subsidiaries showed growth in operating profits in 2022, highlighting the strength of these businesses and the resilience of their industries, it said. 

 

For example, Emirates Driving Company (EDC) grew by 51%; Viola Communications grew by 203%, supported by post-covid spending on events and out-of-home media and the growth of the economy; and Omorfia Group grew by 47%. 

 

The group deployed more than AED12 billion in 2022, making strategic investments in dynamic and healthy businesses across high-growth thematic industries such as energy, namely in Abu Dhabi National Energy Company (TAQA), Dubai Electricity & Water Authority (DEWA) and International Energy Holding (IEH). At the same time, these businesses offer predictable, recurring income that will deliver a sustained increase in shareholder value, it said.

 

In addition, Multiply Group was added to several indices, including MSCI Emerging Markets Index, which enhances its position on the global benchmark investing map and is expected to attract substantial investment inflows. The Group has also been attracting and recruiting talent with capital market and investment banking expertise. Most recently, it was recognised as a Great Place to Work by the global authority on corporate culture. 

 

Looking ahead, with a liquidity position of AED34.97 billion in liquid assets and AED1.03 billion in cash and bank balances, moderate debt, a global network of deal origination partners, and while building an in-house team of vertical experts, Multiply Group will continue to capitalise on market trends and remains in a strong position to carry on with its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transitioning industries.

 

“Multiply Group is well-positioned for 2023 and beyond to build on the strong performance of 2022 for a number of reasons. Firstly, the UAE economy is on a strong growth momentum and secondly, corporate profitability will remain solid due to increasing economic activity that is supported by positive government regulations and projects," said Andre Sayegh, Chairman. 

 

"We have also achieved continued strong performance across the Group's diverse portfolio of operating subsidiaries across multiple industries. We will expand further organically by deepening our existing businesses as well as inorganically through scalable acquisitions.

 

"Finally, we have an incredible team with extensive expertise and industry knowledge, which is the true drive of the Group’s success,” he said.

 

Samia Bouazza, Group Chief Executive Officer and Managing Director, said: “2022 was a transformative year for Multiply Group, culminating in AED18.56 billion of net profit. We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings. Our diverse portfolio has reached a scale that positions us well to continue growing our verticals and move forward with our strategy of focusing on cash-generating businesses with agile strategies. 

 

"We have a strong balance sheet, AED41 billion of assets in 2022, and significant capacity to deploy capital at a time when valuations are softening and our focus industries are gaining more traction amid the current macroeconomic and geopolitical backdrop. 

 

"And finally, in our first year as a public listed company, we have been included across major indices such as MSCI Emerging Markets, enhancing Multiply Group's position as a trusted investor on the global benchmark investing map. In addition, our recognition as a Great Place to Work by the global authority on workplace culture, is a particularly rewarding accolade that highlights that we have built a high-trust, high-performance growth-oriented culture,” said Bouazza. -TradeArabia News Service