UAE: Multiply Group reports net profit of $5.05bln for FY 2022

UAE: Multiply Group reports net profit of $5.05bln for FY 2022

ABU DHABI - Multiply Group, an Abu Dhabi-based investment holding company, reported AED18.56 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 percent; Viola Communications grew by 203 percent, supported by Post-COVID-19 spending on events and out-of-home media and the growth of the economy; and Omorfia Group grew by 47 percent.

The Group deployed more than AED12 billion in 2022, making strategic investments in dynamic and healthy businesses across high-growth thematic industries such as energy, including in Abu Dhabi National Energy Company (TAQA), Dubai Electricity and 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 with