Abu Dhabi’s Multiply Group lands Dh266m as Q1-2023 net profit

Abu Dhabi’s Multiply Group lands Dh266m as Q1-2023 net profit

Dubai: Abu Dhabi investment firm Multiply Group’s recorded a net profit (excluding fair value gains/loss) of Dh266 million for the first three months which is 241 per cent higher from a year ago. In all, the group – which has interests in energy, mobility services, and media – generated Dh303 million in dividend from its public market portfolio. If fair value numbers are included, there would be the fair value loss of Dh265 million during the quarter, and that would mean a group-wide net profit of Dh0.51 million in net profit. The Multiply Group in a statement said: “It is imperative to note these fair value changes are largely unrealised, and the short-term movements do not impact the Group’s long-term view of these assets. “From a total invested amount of Dh12.6 billion, the Group’s current public market portfolio stands at over Dh33 billion, a 166 per cent appreciation. Multiply Group’s investment portfolio is a key part of its asset base, and it has been an important growth driver.” The company – one of the big performers on ADX – will continue to target ‘value accretive’ investment chances. The current cash flow position stands at just over Dh1.2 billion, with ‘very