Abu Dhabi’s Multiply Group has reported a net profit of Dh266 million ($72 million) for Q1-2023, representing a significant increase of 241% from the same period last year. The investment firm, which has interests in energy, mobility services, and media, generated Dh303 million in dividend from its public market portfolio during the quarter. However, if fair value gains and losses are included, there would be a fair value loss of Dh265 million, resulting in a group-wide net profit of Dh0.51 million. The Multiply Group clarified that the fair value changes are largely unrealised and do not impact the Group’s long-term view of these assets.
The firm’s public market portfolio stands at over Dh33 billion, representing a 166% appreciation from a total invested amount of Dh12.6 billion. Multiply Group views its investment portfolio as an important growth driver and a key part of its asset base.
Multiply Group’s interests in the energy sector include investments in companies such as Abu Dhabi National Oil Company (ADNOC) and Eni, as well as renewable energy projects. The firm’s mobility services segment includes stakes in ride-hailing app Careem and car rental company Europcar. In the media sector, Multiply Group owns Abu Dhabi-based newspaper The National and has a stake in Bloomberg’s Middle East operations.
The company’s strong financial performance in Q1-2023 is indicative of its diversified investment strategy, which spans multiple sectors and industries. The Multiply Group’s successful foray into various sectors has resulted in its steady growth and continued success. The investment firm’s long-term vision and commitment to its investment portfolio are key factors in its sustained success.
Abu Dhabi-based Multiply Group’s strong performance in Q1-2023 is attributed to its successful investments in the energy, mobility services, and media sectors. The group’s total invested amount is around Dh12.6 billion, and it currently holds a public market portfolio worth over Dh33 billion. The portfolio has witnessed an appreciation of 166 per cent, which has been a significant growth driver for the group.
The Multiply Group’s net profit of Dh266 million for the first three months of the year is 241 per cent higher compared to the same period last year. This profit excludes any fair value gains or losses. However, if fair value numbers are taken into account, there would be a fair value loss of Dh265 million during the quarter, resulting in a group-wide net profit of Dh0.51 million.
Despite the fair value loss, Multiply Group remains optimistic about its long-term view of these assets, stating that the short-term movements do not impact the group’s overall strategy.
In Q1-2023, the group generated Dh303 million in dividends from its public market portfolio, indicating that its investments are generating significant returns. The Multiply Group’s interests in energy, mobility services, and media have been a driving force behind the strong performance, highlighting the importance of diversification in investment portfolios.
Nonetheless, the group has a positive long-term outlook on its assets, which have appreciated by 166% from a total invested amount of Dh12.6 billion to over Dh33 billion in the current public market portfolio. Multiply Group considers its investment portfolio a key part of its asset base and an essential driver of growth.
The Multiply Group’s investment portfolio is a critical part of its asset base, and the strong performance in Q1-2023 bodes well for its future growth prospects. The group’s successful investments in various sectors demonstrate its ability to identify and capitalize on profitable opportunities in the market.
Overall, Multiply Group’s Q1-2023 net profit is a testament to its sound investment strategy and diversification efforts. The group’s focus on energy, mobility services, and media, as well as its public market portfolio, has enabled it to generate significant returns and position itself for future growth.
