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2255 JJuullyy 22002233Financial Results | Q2 2023 l
Multiply Group Reports Net Profit Excluding Fair Value
Changes of AED 215 million for Q2 2023, a 101% Increase
Compared to the Same Period Last Year – Closes Q2 with
AED 400 million in Net Profit.
Profit and loss statement highlights
AED '000
Three-month period ended 30 June 2023
Revenue 276,419
Cost of sales (133,795)
Gross profit 142,624
Gross margin 51.60%
General and administrative expenses (53,963)
Operating income 88,661
Operating margin 32.07%
Investment and other income 428,603
Share of profit from investment in a joint venture (14,427)
Finance cost (103,277)
Net profit for the period 399,560
GROUP LEVEL PERFORMANCE
Group Net Profit Gross margin Total Assets
(Q2- 2023) (Q2-2023) (As of 30 June 2023)
AED
400
million
51.6 %
AED
42.1
billion
Capital Deployment Dividend to the Group
(Last 12 months) (Q2-2023)
12.32 217.4
AED billion AED million
MULTIPLY GROUP 2Financial Results | Q2 2023 l
OPERATING BUSINESS PERFORMANCE (Q2 2023 vs Q2 2022)
Revenue Net Profit from Operating Companies
276 million
AED 120.86
AED million
3.9 % growth y-o-y
33.6% growth y-o-y
Cash from Operating Activities
500
AED million
Revenue and Profit Split Per Subsidiary Company
(Q2-2023)
Revenue % Profit %
8% 2%
17%
30%
35% 51%
.27%
30%
I
I I
EDC PAL Omofia Viola EDC PAL Omofia a Viola
MULTIPLY+
Value of Public Market Portfolio VS Invested Amount
(As of 30 June 2023)
33.4 12.3
AED billion AED billion
MULTIPLY GROUP 3Financial Results | Q2 2023 l
“ SAMIA BOUAZZA
GROUP CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
Our Q2 earnings report for 2023 highlights the growth across our
diversified portfolio of assets, driven by our pursuit of creating long-
term value through strategic investments. We report a profit of AED 215
million, excluding fair value changes, reflecting our focus on acquiring
and growing assets that yield strong recurring income.
We expanded our Media portfolio by acquiring a 55% stake in Media247
and invested USD 100 million in EIG, which offers a very attractive
dividend profile.
We also reaffirmed our commitment to societal contribution and
environmental sustainability, as demonstrated in our work with
4ocean, Logos Hope, and the mangrove plantation project in the UAE.
Looking ahead, we remain focused on building our verticals, growing
our operating businesses, and further enhancing our income streams to
power sustained growth. With access to AED 2 billion in cash and over
AED 4 billion in financing capacity, we continue to seek lucrative
opportunities here in the UAE and globally.
ABU DHABI, XX July 2023 – Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment
holding company, has reported a net profit of AED 400 million for Q2 2023, compared with AED 127.31
million in the corresponding period of last year. The profit from Multiply Group’s operating entities
witnessed a surge of 33.6% in Q2 2023, compared to the same period last year. This increase excludes
both realised and unrealised capital gains. Multiply Group’s strong Q2 results were driven by the
excellent operational performance of its subsidiaries, which in turn generated robust recurring income
for the Group.
In comparison to the half-year performance, profit excluding fair value movement, Multiply Group
reported a substantial increase of 146.23% from H1 2022 to H1 2023. The Group's current public
market portfolio stands at a value of AED 33.4 billion, versus an invested amount of AED 12.3 billion.
Multiply Group is seeing more value accretive acquisition opportunities emerge globally across its
operating verticals and investment arm. The Group maintains a strong cash flow position with AED 2
billion, healthy debt-to-equity and debt-to-assets ratios, and access to over AED 4 billion in financing
capacity.
Multiply Group will continue deploying capital across its two distinct arms: Multiply and Multiply+.
Multiply currently operates and invests in its core verticals (Mobility, Energy & Utilities, Media &
Communications, and Beauty & Wellness), while Multiply+, its sector-agnostic and opportunistic
investment arm, looks to target double-digit returns across several asset classes.
MULTIPLY GROUP 4Financial Results | Q2 2023 l
Q2 2023 Group Highlights
Key Investments
In April, Multiply Group presented a binding offer to acquire a 55% stake in Dubai-based outdoor
advertising company Media247. This strategic move came as part of the Group’s ambition to establish
the largest integrated multi-brand media provider in the GCC by consolidating Out-of-Home and
Digital Media businesses.
Earlier this month, Multiply Group invested AED 367 million in EIG Breakwater Energy, becoming part
owner of a highly profitable and cash generative, diversified global upstream portfolio with an
attractive dividend profile. This investment falls under the Group’s sector-agnostic and opportunistic
investment arm, Multiply+.
Subsidiary Milestones
Emirates Driving Company (EDC) registered a net profit increase of 29% in Q2 2023 compared to the
same period last year. EDC participated in a promotional tour in New York, organised by Abu Dhabi
Securities Exchange (ADX) and JP Morgan Bank, highlighting the rich and diverse investment
opportunities offered by ADX and growing interest in Abu Dhabi-listed companies.
Omorfia Group, Multiply Group’s Wellness & Beauty vertical anchor company with leading personal
care and beauty brands under its portfolio, reported net profit growth of 60% in Q2 2023, compared
to the same period last year. The company expanded the reach of Tips & Toes by opening a new
branch in Port de la Mer, Dubai. With over 35 branches located across the UAE and Saudi Arabia, Tips
& Toes has established itself as the largest and most successful salon and spa chain in the Middle East.
Pal Cooling Holding (PCH), a leading player in the UAE’s district cooling industry, welcomed a net profit
growth of 19% in Q2 2023, compared to the same period last year. The company successfully
completed and commissioned the first phase of Tamouh district cooling plant's expansion, adding an
additional installed capacity of 5,000 RT. Upon the completion of the second phase later this year, the
plant will have a total installed capacity of 75,000 RT. The company is also expecting to energise its
new Danat district cooling plant this year, boasting a design capacity of 37,500 RT with an initial
installed capacity of 22,500 RT. This will bring PCH’s total design capacity to almost 257,000 RT across
its seven district cooling plants, with an installed capacity of 183,000 RT.
International Energy Holding’s Kalyon Enerji received two ISO accreditations, ISO 45001:2018 and ISO
50001:2018 in Q2 2023, after two stages of audits. They also partnered with Germany’s Enercon, a
pioneer in land-based wind turbine technology, to develop a new 260-MW power plant.
Meanwhile, as Multiply Group continues to build a leadership position and create synergies across its
portfolio companies, the Group’s subsidiary Viola Communications and its San Francisco-based
associate Firefly partnered to launch disruptive digital out-of-home platforms in the UAE. The geo-
targeted digital taxi-top screens introduced on Abu Dhabi’s Tawasul fleet of taxis deliver dynamic
content using location-based, GPS-enabled triggers. This ensures millions of impressions per month,
connecting brands with consumers, and providing data-rich campaign reporting to maximise ROI. The
agency received 5 awards at the Eventex Awards 2023 for its outstanding work for Abu Dhabi
Moments and arranged and managed several large-scale events, such as TAQA’s SWS Holding journey
to launch their new brand identity.
MULTIPLY GROUP 5Financial Results | Q2 2023 l
International Recognition
In June 2023, Multiply Group earned a spot on Forbes’ Global 2000 list and was included in Forbes
Middle East’s Top 100 Listed Companies in 2023, a testament to its financial strength and world-class
position. Both lists rank companies based on sales, profits, assets, and market value.
Earlier this year, Multiply Group was officially certified as a Great Place to Work® by the global
authority on workplace culture.
Corporate Social Responsibility
As part of its "Cleaning up the Oceans" initiative, Multiply Group partnered up with US-based 4ocean
to offset over 100,000 pounds of plastic waste, contributing to global ocean and coastline clean-up
efforts and aligning with the upcoming COP28 environmental goals.
Earlier this year, a group of employees from Multiply Group and its subsidiaries volunteered to clean
up a stretch of Abu Dhabi’s coastal shoreline in Al Nouf, successfully collecting 420 pounds of plastic
waste.
Multiply Group also supports Logos Hope, the world's largest floating book fair, with the belief in the
power of knowledge sharing in bringing positive change. During its visit to Abu Dhabi in 2023, the ship
welcomed over 60,000 visitors.
Supporting the UAE’s pledge to plant 100 million mangroves by 2030, Multiply Group engaged its
employees to plant 5000 mangrove trees in the UAE, contributing to carbon storage and climate
change mitigation.
---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 investing and
operating in Mobility, Energy & Utilities, Media & Communications and Wellness & Beauty. Anchor
investments provide long-term recurring income, through which bolt-on acquisitions are made.
Multiply+, a flexible, sector-agnostic, and opportunistic investment arm.
For more information, visit www.multiply.ae
CONTACTS
MULTIPLY GROUP 6Financial Results | Q2 2023 l
Multiply Group
Mehdi Bizri | Investor Relations Officer
mehdi@multiply.ae
MULTIPLY GROUP 7

Sentiment: neutral