Multiply Group financial results for FY 2022

Multiply Group financial results for FY 2022

ABU DHABI – Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, reported AED 18.56 billion in net profit for 2022, driven by the strong performance of the Group's investments and growth in its operating portfolio.

Despite several global headwinds, most of its subsidiaries showed growth in operating profits in 2022, highlighting the strength of these businesses and the resilience of their industries. For example, Emirates Driving Company (EDC) grew by 51%; Viola Communications grew by 203%, supported by post-covid spending on events and out-of-home media and the growth of the economy; and Omorfia Group grew by 47%.

The Group deployed more than AED 12 billion in 2022, making strategic investments in dynamic and healthy businesses across high-growth thematic industries such as energy, namely in Abu Dhabi National Energy Company (TAQA), Dubai Electricity & Water Authority (DEWA) and International Energy Holding (IEH). At the same time, these businesses offer predictable, recurring income that will deliver a sustained increase in shareholder value.

In addition, Multiply Group was added to several indices, including MSCI Emerging Markets Index, which enhances its position on the global benchmark investing map and is expected to attract substantial investment inflows. The Group has also been attracting and recruiting talent