Abu Dhabi-based Multiply Group announced today its Q2 2025 financial results, reporting a revenue growth of 39 percent to AED503 million ($136.94 million), driven by growth across all verticals, the full-quarter consolidation of The Grooming Company Holding and the acquisition of Excellence Driving.
The group also reported AED214 million in net profit and an EBITDA excluding fair value changes of AED395 million. Net profit from subsidiaries increased 52 percent, underpinned by solid growth across verticals. Reported profit of AED532 million includes AED318 million in unrealised gains from revaluation, driven by periodic market fluctuations.
Net profit from operating businesses rises 52 percent
Multiply Group continues to focus on integrating operations across its verticals, with an emphasis on digital transformation and operational efficiency. These efforts have contributed to strong revenue momentum. Blended gross profit margin remained healthy at 52 percent, reflecting continued profitability across the core portfolio.
Multiply Group’s net profit from operating businesses increased by 52 percent on the back of the Beauty vertical more than doubling net profit, and the Mobility vertical increasing net profit by 48 percent as a result of organic and inorganic growth. Meanwhile, the media vertical grew by 23 percent.
The group also recorded a share of loss from Kalyon JV amounting to AED54 million in Q2 2025 as a result of the foreign exchange losses from the revaluation of EUR-denominated loans on the back of a stronger Euro.
Public market portfolio closes at AED32 billion
However, Multiply Group’s balance sheet remains robust, with a cash balance of AED1.85 billion. Execution of its long-term strategy continues to deliver results, as the Group builds a diversified portfolio across core verticals while pursuing high-return investments under Multiply+.
Under Multiply+, the Group’s public market portfolio closed the quarter with 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.
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Key agreements and acquisitions driving growth
In June 2025, Multiply Group agreed to monetize its 100 percent stake in PAL Cooling Holding for approximately AED3.8 billion, selling to a consortium led by Tabreed and CVC DIF. Pending regulatory approvals, the transaction will unlock significant capital to support core vertical growth and global expansion.
In July 2025, Emirates Driving Company (EDC), a Multiply Group subsidiary, also signed a Share Purchase Agreement to acquire a 22.5 percent stake in Abu Dhabi-based Mwasalat Holdings, with the option to increase its shareholding to 50.6 percent, subject to completion of certain conditions and relevant regulatory approvals.
In July, Multiply Group also completed its acquisition of a majority stake in Tendam, one of Europe’s leading omnichannel fashion retailers, marking its first major investment in the retail and apparel sector. The transaction, valued at AED5.6 billion enterprise value, gives Multiply a 67.91 percent controlling interest in Castellano Investments S.À R.L., owner of Tendam Brands.
