Abu Dhabi-based Multiply Group has said its second-quarter profit soared, compared to the same period a year earlier, as all its operating units related to media and communications, utilities, ventures, wellness and beauty, and digital economy recorded healthy growth.
Net profit attributable to the owners of the company shot to Dh98.71 million ($26.83m) in the second quarter from Dh156,000 in the same period last year, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The technology-focused investment holding company's revenue during the quarter reached Dh266m, compared with Dh4.8m in the same period last year.
The group's half-year revenue surged to Dh507m compared with Dh8.44m in the corresponding quarter in 2021.
Multiply Group's net profit attributable to shareholders in the first six months of the year was Dh389m with investment and other income of Dh300m boosting profits further.
"Our subsidiaries continued to register robust growth. Most of our portfolio companies have exceeded their targets in terms of operational performance", Samia Bouazza, chief executive of Multiply Group, told The National in a phone interview.
Despite the continuing global economic headwinds, Ms Bouazza said, the performance of all five verticals have been resilient during the first six months of this year.
“We have seen strong organic growth within our portfolio companies. Our performance as a group was very positive, supported by investment decisions that proved to be profitable with above average return on investments,” she said.
Multiply Group earned a gross margin of Dh250m in the first half of 2022 and continues to benefit from a strong liquidity position, with Dh3.24bn in cash and bank balances and negligible debt.
The strong cash balances will aid the group to pursue attractive investment targets globally and ensure an efficient deployment of capital, striking the balance between steady companies that generate recurring income and high-growth businesses, Ms Bouazza said.
"We will use our strong cash base to seek opportunistic deals amid softening valuations on public equities or private companies with very strong fundamentals”, she said, adding that the group is "region-agnostic" in its investment plans and is open to opportunities locally, regionally and globally.
"In addition to new acquisitions, the group plans to enhance synergies and cost savings across our businesses through operational excellence and digital transformation programmes," she said.
With a strong pipeline of potential investments, Multiply Group expects its profitability to significantly accelerate during the rest of 2022.
The company, a subsidiary of International Holding Company, acquired stakes in Emirates Driving Company, Omorfia Group, Viola Communications, Firefly and Yieldmo in 2021.
The group made significant investments in the first half of 2022. In January, it invested Dh92m in Rihanna’s Savage X Fenty, a direct-to-consumer e-commerce fashion company.
In April, Multiply Group invested Dh367m as a cornerstone investor in the initial public offering of Dubai Electricity and Water Authority, one of the region’s fully integrated utility companies. This was followed by Dh183.75m investment in the IPO of Borouge in May, also as a cornerstone investor.
"Our outlook for the rest of the year is very positive, and we expect our profitability to accelerate based on the group's strong operating performance, the current growth of the subsidiaries and [a] strong pipeline of potential investments", Ms Bouazza said.
"Despite the global headwinds, current economic conditions in the UAE are very supportive to the growth of the groups’ businesses."
The UAE economy is set to post its strongest annual expansion since 2011 after it grew 8.2 per cent in the first quarter of this year, on the back of higher oil prices and measures to mitigate the impact of the Covid-19 pandemic, the Central Bank of the UAE said last week.
The Arab world’s second-largest economy, which expanded 3.8 per cent in 2021, is expected to grow 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections by the banking regulator.
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
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Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
UAE currency: the story behind the money in your pockets
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
