Multiply Group, the Abu Dhabi-based investment holding company, reported today its full-year 2024 results, achieving a 15 percent annual increase in EBITDA to a record high of AED1.9 billion ($508.31 million). The group also reported a net profit excluding fair value changes of AED1.04 billion.
Multiply Group attributed this robust performance to its strategic focus on building vertical expertise through successful acquisitions, closing three acquisitions in 2024, and organic growth through operational efficiencies and new revenue streams.
“2024 was a year of decisive action and strategic expansion for Multiply Group. We accelerated our growth trajectory, delivering double-digit EBITDA growth excluding fair value changes, and reinforcing our position as a dynamic force in the investment landscape,” stated Syed Basar Shueb, chairman of Multiply Group.
Revenue surges 56 percent
The group’s revenue surged 56 percent year-on-year to over AED2 billion propelled by double-digit organic growth across all verticals, the full-year impact of Media 247 which was acquired in July 2023, and the consolidation of BackLite Media, The Grooming Company Holding and Excellence Premier Investment.
“Multiply Group’s performance across key metrics and the three acquisitions completed in 2024 have reinforced our market-leading position across the mobility, media, and beauty sectors,” stated Samia Bouazza, group CEO and managing director.
Blended gross profit margin remained healthy at 47 percent, reflecting the change in the revenue mix within the Media vertical and the consolidation of Excellence Premier Investment under the Mobility vertical. Investment and other income including dividend income added over AED1 billion to the bottom line.
Group deploys AED1 billion across three acquisitions
“Our robust balance sheet now boasts over AED 2 billion as cash and cash equivalents with additional capacity to invest up to AED4 billion for future growth,” added Bouazza.
The group strategically deployed around AED1 billion across three acquisitions that align with its strategy of building leading positions within key verticals. In its core operational portfolio, Multiply Group focused on driving synergies and integration among the businesses under each vertical, with an emphasis on accelerating digital transformation and operational efficiencies.
Under Multiply+, the public market portfolio closed the year at a valuation of AED32 billion, compared to an initial investment of AED15 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.
“Looking ahead to 2025 and beyond, Multiply Group will continue making strategic, value-driven investments that generate immediate impact while creating sustainable long-term value for the Abu Dhabi economy as part of IHC’s broader vision,” added Shueb.
Efficiency program generates AED50 million in gains
Multiply Group’s efficiency program, launched in Q2, has demonstrated significant acceleration throughout the year, exceeding expectations with over AED50 million of efficiency gains, surpassing the initial target of AED45 million. This equates to more than 6 percent of the operational EBITDA rise, highlighting the program’s substantial impact on the group’s profitability.
Multiply Group has captured more market share in media given its significant presence across three dominant OOH brands in the UAE. It has also unlocked revenue within mobility by restructuring the training schedule of Emirates Driving Company (EDC) to add more trainer capacity.
Digital transformation has also enabled the group to be more efficient. Multiply Group has automated backend processes, launched new revenue sources with a focus on programmatic within Media, and modernized its technology infrastructure to enable better decision-making. It has also launched new online portals and services, reduced cash transactions and gathered insights into customer spending behaviors.
Looking ahead, Multiply Group aims to leverage AI and advanced technologies across its businesses to extract additional value.
