Multiply Group posts Dh1.04 billion net profit in 2024

In 2024, Multiply Group reported a net profit excluding fair value changes of Dh1.04 billion in its full-year financials, the Abu Dhabi-based company said on Wednesday.

The Group also delivered strong operational performance, exceeding expectations with double-digit EBITDA growth of 15 per cent year-on year, reaching a record high of Dh1.9 billion.
Multiply Group marked 2024 with the successful completion of three acquisitions across the mobility, media, and beauty sectors. Emirates Driving Company acquired a 51 per cent stake in Excellence Premier Investment LLC, a parent company of the renowned Excellence Driving Centre based in Dubai. Multiply Group’s 51 per cent owned beauty anchor and UAE leading beauty provider, Omorfia Group, acquired 100 per cent of The Grooming Company Holding (TGCH). Additionally, Multiply Group consolidated 100 per cent of BackLite Media, a premier Digital Out-of-Home advertising company.
These acquisitions, combined with the strategic expansion and enhanced operational efficiency of established group companies, propelled robust performance during the year. 2024 was The Year of Efficiency for Multiply, with the Group taking a rigorous approach to optimising operations, identifying cost-saving opportunities, and refining its structure by streamlining procurement, consolidating roles, and eliminating unnecessary business layers. Alongside this, technology has been a powerful enabler of Multiply Group’s efficiency strategy, where the Group modernised technology infrastructure across its business and introduced innovative revenue-generating solutions. As a result, Multiply Group achieved over Dh50 million in efficiency gains, exceeding the initial target of Dh45 million. This translated into more than a 6 per cent uplift in operational EBITDA.

Notably, in media, programmatic advertising, powered by AI, has enhanced targeting and revenue growth. The business has launched new online portals, streamlined cashless transactions, and leveraged customer data insights to refine its offerings. In parallel, the Group has also sought to empower communities where it operates with targeted corporate social responsibility (CSR) initiatives aligned with its core values of knowledge-sharing and lifelong learning.

Syed Basar Shueb, Chairman of the Board of Directors at Multiply Group, said: “This year was defined by decisive action and calculated growth, underpinned by the Group’s relentless focus on sector expertise, operational efficiencies, and diversification. Our three key acquisitions in 2024 exemplify this approach, driving synergies and unlocking new revenue streams across our subsidiaries. At the same time, we have strengthened our core businesses, ensuring that growth is not just sustained but accelerated.”

He went on to say: “Multiply will continue to identify valuable opportunities, harness cutting-edge technologies to drive AI-driven efficiencies, and propel our subsidiaries towards sustained, high-impact growth.”

In her shareholder letter published earlier today, Samia Bouazza, CEO and Managing Director of Multiply Group, said: “In 2024, our FY Group revenue surpassed the Dh2 billion mark, surging 56 per cent year-on-year and we registered double-digit growth in EBITDA, as a result of acquiring value-accretive targets and scaling efficiently while maintaining market leadership. We also took a rigorous approach to optimizing operations, cutting costs, and digitizing critical operational processes”, which achieved over Dh50 million in efficiency gains.

She went on to say: “We remain in a strongly acquisitive position with a capacity to deploy Dh4 billion and are poised to benefit from any upcoming market shifts. Our utmost responsibility will continue to be guarding our balance sheet as we commit to another year of double-digit EBITDA growth and to ensuring sustainable, long-term value creation to shareholders.”

Shareholders approved all GAM agenda items including reviewing and approving the report of the board of directors on the company’s activity and financial position, releasing the board members and auditors from their liabilities for the fiscal year, and appointing the company’s auditors for the current fiscal year.