Multiply Group, an Abu Dhabi investment holding company focused on technology, said its 2022 full-year profit surged as revenue more than tripled.
Net profit attributable to the owners of the company for the 12-month period to the end of December surged to Dh18.4 billion ($5 billion), from about Dh185 million for the same period in the previous year, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the period rose more than three times to Dh1.12 billion, from about Dh372 million while investment and other income also soared last year.
Total assets more than tripled to Dh41.2 billion.
Chief executive Samia Bouazza said the past year was “transformative”.
“We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings,” she said.
“Our diverse portfolio has reached a scale that positions us well to continue growing our verticals and move forward with our strategy of focusing on cash-generating businesses with agile strategies.”
Multiply, a subsidiary of Abu Dhabi's International Holding Company (IHC), was listed on the ADX in December 2021 through a private placement deal that raised Dh3.1 billion and was 16 times oversubscribed.
Its investments include stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge and Getty Images.
Last year, it invested Dh92 million in musician and businesswoman Rihanna’s intimate apparel venture Savage X Fenty. It also bought 80 per cent of shares in IHC subsidiary International Energy Holding to expand its portfolio.
Multiply was added to the S&P UAE BMI Liquid 20/35 Capped Index and S&P UAE Shariah Liquid 35/20 Capped Index, in the third quarter.
The indices measure the performance of the S&P UAE BMI and the most liquid and Sharia-compliant stocks in the UAE, respectively.
The company was also added to the Chimera S&P UAE UCITS ETF and Chimera S&P UAE Shariah ETF.
“Multiply Group is well-positioned for 2023 and beyond to build on the strong performance of 2022 for a number of reasons,” chairman Andre Sayegh said.
“Firstly, the UAE economy is on strong growth momentum and secondly, corporate profitability will remain solid due to increasing economic activity that is supported by positive government regulations and projects.”
The UAE economy has made a strong rebound from the coronavirus-induced slowdown over the past two years and the pace of economic momentum has continued to improve on the back of government initiatives, higher oil prices, a strong property sector performance and a travel and tourism rebound.
The economy is estimated to have grown by 7.6 per cent last year — the highest in 11 years — after expanding by 3.9 per cent in 2021, according to the UAE Central Bank.
Overall, the country’s economy is projected to grow 3.9 per cent in 2023, while non-oil sector expansion is estimated at 4.2 per cent, according to the Central Bank.
“Looking ahead, with a liquidity position of Dh34.97 billion in liquid assets and Dh1.03 billion in cash and bank balances, moderate debt, a global network of deal origination partners, and while building an in-house team of vertical experts, Multiply Group will continue to capitalise on market trends and remains in a strong position to carry on with its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transitioning industries,” the company said.
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Results
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe
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UAE currency: the story behind the money in your pockets
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- 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
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
