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0011 MMaayy 22002233Financial Results | Q1 2023 l
Multiply Group Reports Net Profit Excluding Fair Value
Gains (losses) of AED 266 million for Q1 2023, a 241%
Growth Compared to the Same Period Last Year – Closes Q1
with AED 0.51 million in Net Profit.
Profit and loss statement highlights
AED '000
Three months period ended 31 March 2023
Revenue 269,086
Cost of sales (130,744)
Gross margin 51.41%
General and administrative expenses (59,422)
Operating margin 32.08%
Investment and other income 14,126
Finance cost (90,400)
Net profit for the period 508
GROUP LEVEL PERFORMANCE
Group Net Profit Gross margin Total Assets
(Financial quarter ending 31 March 2023) (Financial quarter ending 31 March 2023) (As at 31 March 2023)
AED
0.51
million
51.41 %
AED
41.45
billion
Capital Deployment Dividend to the Group
(Last 12 months) (Financial quarter ending 31 March 2023)
13 303
AED billion AED million
MULTIPLY GROUP 2Financial Results | Q1 2023 l
OPERATING BUSINESS PERFORMANCE (Q1 2023 vs Q1 2022)
Revenue Operating Businesses’ Net Profit
269.1 million 87.02
AED AED million
11.55 % growth y-o-y 11.77% growth y-o-y
Cash from Operating Activities
255.51
AED million
Revenue and Profit Split Per Subsidiary Company
(Financial quarter ending 31 March 2023)
Revenue % Profit %
2%
11%
15%
34%
34% 21%
62%
21%
EDC PAL Omorfia Viola EDC PAL Omorfia Viola
MULTIPLY+
Value of Public Market Portfolio VS Invested Amount
(As at 31 March 2023)
33.67 12.67
AED billion AED billion
MULTIPLY GROUP 3Financial Results | Q1 2023 l
“ SAMIA BOUAZZA
GROUP CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
As we release our first earnings report for 2023, we continue to build a
leadership position across our portfolio companies, with aggressive
pursuit of organic growth. Notably, we have begun the year growing
our Media and Communications vertical with the aim of consolidating
country wide assets in the out-of-home media space.
Our results this quarter are the sum of robust earnings from our
operating businesses as well as cash dividends from our investments,
and of the loss we have recorded on our public portfolio.
The Group’s net profit excluding fair value gains/ losses, reached over
AED 266 million, a 241% growth year-on-year. I am confident that the
stability and growth demonstrated by these businesses, and our
focused acquisition strategy leave us well positioned to accelerate our
growth plans over the coming quarters.
We have had significant gains from our public portfolio since 2022.
While that has substantially boosted our balance sheet, the gains are
largely unrealised, and so is the AED 265 million fair value loss this
quarter. Our net income for Q1 is AED 0.51 million.
During Q1, the Group generated AED 303 million of dividends from its
public market portfolio. This is a key value driver amid the ongoing
market volatility and uncertainty surrounding the global macros.
Over the next 12 to 18 months, we remain largely fixated on building
our verticals and growing our operating businesses and recurring
income. We have access to over AED 1.2 billion in cash and over AED 6
billion in financing capacity and are on the lookout for good deals
globally.
Finally, Multiply+ remains our opportunistic investment arm, which is
especially useful considering the prevalent market dislocations. This
will be a key factor in accruing free cash flow and growing our earnings
per share.
ABU DHABI, 01 May 2023 – Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment
holding company, reported a net profit excluding fair value gains (losses) of AED 266 million, a 241%
growth compared to the same period last year. The Group generated AED 303 million of dividends
from its public market portfolio.
MULTIPLY GROUP 4Financial Results | Q1 2023 l
Notably, revenue from our operating business reached AED 269 million during Q1, an 11.6% growth
year-on-year with over 50% gross margin. This reflects the Group’s continued focus on building its
verticals.
Fair Value Losses of AED 265 million were incurred in Q1. It is imperative to note that these fair value
changes are largely unrealised, and the short-term movements do not impact the Group’s long-term
view of these assets. From a total invested amount of AED 12.6 billion, the Group’s current public
market portfolio stands at over AED 33 billion, a 166% appreciation. Multiply Group’s investment
portfolio is a key part of its asset base, and it has been an important growth driver.
Multiply Group sees more value accretive acquisition opportunities emerge globally across its
operating verticals and investment arm. The Group has a strong cash flow position with over AED 1.2
billion, very healthy debt to equity and debt to assets parameters, and access to over AED 6 billion in
financing capacity. In parallel, across operating businesses several measures including tech infusion,
bolt-on acquisitions are being lined-up to enhance organic growth. Multiply Group is well-positioned
and focused on generating a more robust and sustainable EPS growth.
Q1 2023 Group Highlights
Subsidiary Milestones
Emirates Driving Company launched the first test of Auve Tech’s autonomous vehicles in the Middle
East, which will significantly strengthen and improve Abu Dhabi’s mobility sector. The new
partnership symbolises EDC’s growing focus on smart mobility systems and its contribution to
making Abu Dhabi a smarter, safer and more sustainable city. EDC also held its second engaging
edition of the ‘EDC - Innovation Lab' with a selected group of external experts, partners and the
company’s professionals to discuss various topics about the future of mobility under the theme of
‘Future Mobility: Where To’.
Omorfia Group, which comprises of personal care and beauty companies, expanded its Bedashing
Beauty Lounge brand reaching 23 locations with the opening of two new branches, one in Al Taif
entering Fujairah market and another one in Al Jada, its second branch in Sharjah. More recently,
Omorfia Group opened the 9th branch of Jazz Lounge Spa in Port de la Mer, Dubai.
International Energy Holding’s Kalyon Enerji commenced operations of the Kalyon Karapınar Solar
Plant after receiving the certificate of acceptance of the final section of the power plant, issued by
the Ministry of Energy and Natural Resources (MENR) in Turkey. Kalyon Enerji also received a
development impact assessment from J.P. Morgan’s Development Finance Institution for the Kalyon
Karapınar Solar Power Plant and has set a series of development objectives that are expected to
advance four of the United Nations Sustainable Development Goals (SDGs): SDG #7: Affordable and
Clean Energy, SDG #8: Decent Work and Economic Growth, SDG #13: Climate Action and SDG #15:
Life on Land. The company also started development of 390 MW Solar - ANKA Project, 200 MW
Wind - STORM Project, and 1 GW YEKA Wind Project (Kalyon shareholding 40%).
Meanwhile, Viola Communications, a fully-integrated marketing and communications
solutions provider successfully arranged and managed multiple big scale events, such as ADAA’s
International Ethical Standards Board for Accountants (IESBA) under the theme "Building the Ethical
Foundations for Sustainability”, the launch of Sea La Vie - a luxurious residential project at Yas Bay
that will be developed by Nine Yards, and the open-air art gallery, DIFC Sculpture Park, featuring
immersive experiences and artworks from over 70 local and international artists at DIFC.
MULTIPLY GROUP 5Financial Results | Q1 2023 l
Inclusion In Indices
The quarter saw the Group being upgraded from Mid Cap Index to Large Cap Index in FTSE Global
Equity Index Series (FTSE GEIS) in its March 2023 semi-annual review.
Recognition
In January 2023, Multiply Group was recognised as a Great Place to Work® Jan 2023 - Jan 2024 by the
global authority on corporate culture.
---ENDS---
ABOUT MULTIPLY GROUP
With its trademark growth mindset, Multiply Group PJSC is an Abu Dhabi-based holding company
that invests in transformative cash-generating businesses it understands.
Multiply Group will continue to deploy capital across its two distinct arms, both of which follow a
disciplined approach to investing and ensure consistent, sustainable value creation for our
shareholders in the short-medium and long-term:
Multiply, the investments and operations in long-term strategic verticals, currently Mobility, Energy
and Utilities, Media and Communications and Beauty and Wellness. Anchor investments provide
long term recurring income, through which bolt-on acquisitions are made. The aim is to launch a
new vertical in 2023.
Multiply+, a flexible, sector-agnostic and opportunistic investment arm.
CONTACTS
Multiply Group
Mehdi Bizri | Investor Relations Officer
mehdi@multiply.ae
MULTIPLY GROUP 6

Sentiment: positive