Multiply Group, an Abu Dhabi-based investment holding company specializing in technology, has reported substantial growth in its full-year 2022 financial results. The company’s net profit for the 12-month period ending December 31, 2022, saw a substantial increase to 18.4 billion dirhams ($5 billion), compared to 185 million dirhams for the same period in the previous year.
This growth in profit was largely attributed to a significant rise in revenue, which more than tripled to 1.12 billion dirhams, compared to 372 million dirhams in the prior year. In addition to this, investment and other income also saw a significant increase.
Chief Executive Samia Bouazza described the year as “transformative,” citing a series of strategic investments that accelerated the company’s growth and strong recurring earnings from its operating companies.
The company’s diverse portfolio is now at a scale that positions it well to continue expanding its verticals and focus on cash-generating businesses with agile strategies, according to Bouazza.
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