Multiply Group P.J.S.C
Financial results
for Q3 2022
ADX: MULTIPLY
www.multiply.ae
28 October 2022Financial Results | Q3 2022 l
Multiply Group reports net profit leap to AED 9.29 billion in Q3
2022
Profit and loss statement highlights
AED '000
Three months period ended 30 September 2022
Revenue 284,118
Cost of sales (145,418)
Gross margin 49%
General and administrative expenses (51,232)
Operating margin 33%
Investment and other income 9,250,667
Finance cost (51,621)
Net profit for the period 9,286,514
Net profit attributable to owners 9,251,936
Net profit attributable to non-controlling interests 34,578
Earnings per share 0.83
Net Profit Cash Position incl. Liquid Assets
(Financial quarter ending 30 September, 2022) (As of 30 September 2022)
AED
9.29
billion AED
26.08
billion
Gross margin Total Assets
(As at 30 September 2022) (As at 30 September 2022)
49 % 30.58
AED billion
MULTIPLY GROUP 2Financial Results | Q3 2022 l
“
SAMIA BOUAZZA
GROUP CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
"Multiply Group delivered a strong quarter with substantial
investment gains and continued growth of our verticals.
Going forward, we are actively ensuring deal flow continues at a
similar pace throughout the fourth quarter and into next year. We see
significant investment opportunities, locally and globally, particularly
within our mobility vertical and will continue to acquire cash-
generating assets and further accelerate our companies’ growth."
ABU DHABI, 28 October 2022 – Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment
holding company, reported AED 9.29 billion in net profit for the third quarter of 2022 as it continued
to deliver strong performance across its investments and subsidiaries.
The Group's Q3 2022 figures showed revenue of AED 284 million and gross margin of AED 138.7
million.
The quarter saw continued sustainable growth across the Group's subsidiaries, which grew by 67% in
revenue and profitability year-on-year.
Meanwhile, investment and other income was recorded at AED 9.25 billion, driven by the strong
performance of both the Group's portfolio and local financial markets.
With moderate leverage and liquid assets, the Group is in a strong position to push ahead with its
investment strategy in transformative cash-generating businesses it understands.
As of 30 September 2022, Multiply Group total assets As of 30 September 2022, Multiply Group current assets
grew by 275% compared with 30 September 2021. grew by 310% compared with 30 September 2021.
MULTIPLY GROUP 3Financial Results | Q3 2022 l
Q3 2022 Group Highlights
Key Investments
The third quarter of 2022 saw Multiply Group strengthen its energy and utilities vertical with two
strategic investments.
The Group acquired a 7.3% stake in Abu Dhabi National Energy Company PJSC (“TAQA”) for AED 10
billion. TAQA is one of the largest listed integrated utility companies in Europe, Middle East and Africa
(EMEA), with operations in 11 countries across four continents. It has significant investments in power
and water generation, transmission and distribution assets. With ambitious growth plans around
renewable energy, TAQA is one of the largest players contributing to the UAE’s 2050 net zero agenda.
Multiply Group also acquired 80% of International Energy Holding (“IEH”). IEH recently acquired a 50%
stake in Kalyon Enerji Yatrimlari A.Ş., a market leading clean and renewable energy company based in
Turkey. Kalyon Enerji’s assets include a PV power plant project with an installed capacity of 1.3 GW in
the Konya’s Karapinar region and other renewable energy projects in various cities of Turkey.
These investments are part of a drive to grow all verticals and reflect the Group's view that utilities
and energy offer predictable, recurring revenue as well as strong growth potential as the world
transitions to clean and renewable energy.
Subsidiary Milestones
The Group's subsidiaries grew across all verticals in Q3 2022, continuing their strong and sustainable
performance witnessed across the first half of the year.
As of 30 September 2022, Multiply Group’s revenue
grow by 67% compared to the same period last year.
Omorfia Group, which comprises of personal care and beauty companies, expanded its Tips & Toes
brand with the opening of two new branches, in Park Point, Dubai Hills Estate and Silicon Central,
Dubai.
Emirates Driving Company (“EDC”) signed two Memorandum of Understanding (MoU) with the
Integrated Transport Centre and Emirates Transport respectively. The former aims to keep both
parties abreast of technological developments in the transport sector, enhance cooperation and
jointly instil a culture of safe driving in Abu Dhabi. The latter focuses on strengthening cooperation in
MULTIPLY GROUP 4Financial Results | Q3 2022 l
the training of drivers and bus supervisors, technical services, lease of vehicle and sites, and private
security services, among others.
Meanwhile, Viola Communications, a fully-integrated marketing and communications
solutions provider completed the first phase of the digital transformation of bridges along Abu Dhabi’s
high-visibility roads and major arterial roads. The second phase will commence on additional bridges
and totem signs is expected to be completed by 31 December 2022.
Inclusion In New Indices
Finally, the quarter saw the Group being included in the S&P UAE BMI Liquid 20/35 Capped Index and
S&P UAE Shariah Liquid 35/20 Capped Index. The indices measure the performance of the S&P UAE
BMI and the most liquid and Shariah-compliant stocks in the UAE, respectively. The Group’s addition
to these indices, which are provided by S&P Dow Jones Indices, also resulted in its inclusion in Chimera
S&P UAE UCITS ETF and Chimera S&P UAE SHARIAH ETF.
---ENDS---
ABOUT MULTIPLY GROUP
With its trademark growth mindset, Multiply Group invests in transformative cash generating
businesses it understands.
The Group continues to expand by organically growing existing businesses, empowering them with
capital, technology and tools to acquire or create innovative solutions, gain operational excellence
and become leaders in their industries. In terms of inorganic growth, Multiply Group pursues scalable
acquisitions, with sustainable growth and expansion potential, focusing on well-established and
leading organisations across its industries.
Multiply Group’s investments span many industries including businesses such as Emirates Driving
Company, PAL Cooling Holding, Omorfia Group, Viola Communications, HealthierU, International
Energy Holding, TAQA, DEWA, Borouge Getty Images, Savage X Fenty, Firefly and Yieldmo.
Major shareholders of Multiply Group include International Holding Company (IHC), one of the fastest
growing and most valuable companies in the UAE.
CONTACTS
Multiply Group Brunswick Group
Mehdi Bizri | Investor Relations Officer Sherri Chua / Ailsa Martin
mehdi@multiply.ae multiply@brunswickgroup.com
MULTIPLY GROUP 5

Sentiment: positive