Abu Dhabi – Mubasher: Multiply Group recorded a net profit excluding fair value changes amounting to AED 207 million in the third quarter (Q3) of 2024, according to the financial results.
This brings the net profit for the first nine months (9M) of 2024 to AED 920 million.
The 13% year-on-year (YoY) growth reflects the successful integration of recent acquisitions, aligning with the group’s strategy of building vertical expertise within its portfolio.
Reported net profit for Q3-24 hit AED 744 million including AED 537 million unrealised fair value gains from the public investment portfolio.
In the July-September 2024 period, the revenues increased by 47% YoY to AED 518 million, driven by organic growth across all verticals and the consolidation of BackLite Media last February.
Investment and other income including dividend income amounted to AED 221 million.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “The Group’s efficiency programme, launched in Q2, accelerated significantly during the quarter. The programme has now achieved over AED 25 million in efficiency gains, more than half the Group’s AED 45 million target, which includes identifying new revenue gains, savings in procurement, and areas to consolidate or restructure roles and businesses.”
In June 2024, the ADX-listed company’s 51% owned beauty anchor Omorfia Group fully acquired The Grooming Company Holding (TGCH), a premier provider of salon and beauty services in the UAE.
