ABU DHABI: Multiply Group, a leading Abu Dhabi-based investment holding firm, today reported its Q1 2025 results with an EBITDA excluding fair value changes of AED572 million, representing a 19% growth compared to the same period last year (AED 482 million in Q1 2024).
Robust underlying profit growth was driven by strong performance across business verticals. Reported profit of AED 210 million includes over AED133 million of paper losses from unrealised changes in fair value driven by periodic market fluctuations with no implications on the operational performance of the business offset by AED 328 million Investment income.
In its core operational portfolio, the Group focusses on driving synergies and integration among the businesses under each vertical, with emphasis on accelerating digital transformation and operational efficiencies. This is reflected in continued and strong revenue growth.
Group revenue increased by 50% YoY to AED 585 million, driven by growth across all verticals and the consolidation of The Grooming Company Holding, Excellence Driving and a full quarter consolidating BackLite Media. Blended gross profit margin remained healthy at 49%, reflecting continued profitability across core verticals.
The Group’s net profit from operating businesses increased by 26% on the back of the Beauty & Wellness vertical growing net profit by more than 120% and the Media & Communications vertical increasing net profit by 38% as a result of organic and inorganic growth. Share of loss from Kalyon JV increased to AED 25 million in Q1 2025 (Q1 2024 – AED 14 million) as a result of hyperinflationary accounting and amortization of deferred tax asset.
Balance sheet remains robust with cash balance of AED 1.73 billion. The Group again demonstrated the value of its long-term strategy by building a diversified portfolio of strong assets across its core verticals whilst investing in lucrative assets under Multiply+ for double-digit returns.
Under Multiply+, the public market portfolio closed the quarter with a valuation of AED 32 billion, compared to an initial investment of AED 15 billion. Despite market fluctuations affecting the fair value of some assets, performance across the portfolio remains strong as does the underlying long-term potential from targeted investments.
Multiply Group appointed an artificial intelligence-powered board observer in a decision designed to embed innovation into corporate governance and decision making. The AI observer, named MAI, will provide the board with real-time data analysis and forward-thinking insights, to enhance strategic decision making, ensuring Multiply Group remains ahead of market trends and industry innovations. The appointment of MAI as a non-voting AI board observer strengthens Multiply Group’s commitment to use cutting-edge technologies to drive transparency, ethical leadership, and strategic growth. MAI is developed in collaboration with Aleria Technologies, a leading provider of C-level Executive AI.
