Abu Dhabi – Mubasher: Multiply Group swung to net losses valued at AED 3.25 billion in the first half (H1) of 2024, against net profits worth AED 400.06 million.
Revenues increased year-on-year (YOY) to AED 833.37 million in H1-24 from AED 545.50 million, according to the financial results.
Loss per share reached AED 0.30 as of 30 June 2024, versus a profit per share of AED 0.03 in H1-23.
The total assets hit AED 39.82 billion in H1-24, versus AED 42.16 billion at the end of December 2023.
Income Statements for Q2
In the second quarter (Q2) of 2024, the profits enlarged to AED 991.75 million from AED 399.56 million in Q2-23, while the revenues jumped by 60% to AED 442.07 million from AED 276.41 million.
Meanwhile, the basic earnings per share (EPS) grew to AED 0.08 in Q2-24 from AED 0.03 a year earlier.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “In Q2-24, Multiply Group has demonstrated significant performance and key milestones across our core verticals, with strategic investments continuing to define our business momentum.”
“Our EBITDA growth of 33% compared to the same period last year represents the pace at which we are able to unlock value and ramp up activities across our existing businesses,” Bouazza added.
He noted: “In this quarter, we reported a net profit of AED 992 million which includes AED 673 million unrealised fair value gains from the public investment portfolio.”
As of 31 March 2024, the net profits excluding fair value changes soared by 48% YoY to AED 393 million from AED 266 million.
