ABU DHABI, (WAM)- Multiply Group, a technology-focused holding company, has announced AED462 million in net profit for the first half of 2022.
The Group’s H1 2022 figures show revenue of AED507 million and a gross margin of AED250 million. Net profit equates to a healthy 91% of revenue for the period, with investment and other income of AED300 million helping to drive profitability.
There was also strong performance across the Group’s subsidiaries, which cover five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. All the Group operating units were profitable in H1 and exceeded operational targets.
The Group continues to benefit from a strong liquidity position, with AED3.24 billion in cash and bank balances and negligible debt. This will allow Multiply Group to pursue attractive targets globally and ensure an efficient deployment of capital, striking the balance between steady companies that generate recurring income and high-growth businesses.
Based on the Group’s strong operating performance, the current growth of the subsidiaries, and strong pipeline of potential investments, Multiply Group expects its profitability to significantly accelerate during the rest of 2022.
Samia Bouazza, Chief Executive Officer and Managing Director of Multiply Group, said, “Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth. Despite the ongoing headwinds, we see a remarkable resilience across our portfolio. Our outlook for the rest of the year is very positive, and we expect our profitability to accelerate as we focus on two key areas of growth.
“Firstly, we will use our strong cash base to seek further investment opportunities locally and globally as we capitalise on softening market conditions and identifying opportunistic deals. Secondly, we will continue to deliver synergies and cost savings across our businesses through our operational excellence and digital transformation programmes.”