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Abu Dhabi-based investment holding company Multiply Group has reported a net profit of AED18.56 billion in 2022, driven by the group’s strong investment performance and growth in its operating portfolio.
Despite some global headwinds, most of its subsidiaries posted higher operating profit in 2022, underscoring the strength of these businesses and the resilience of their industry. For example, Emirates Driving Company (EDC) grew 51%; Viola Communications grew 203%, supported by post-Covid-19 events and out-of-home media spending and economic growth; and Omorfia Group grew 47%.
The group has deployed more than AED12 billion in 2022, making strategic investments in sectors such as energy, including Abu Dhabi National Energy Company (Taqa), Dubai Electricity and Water Authority (Dewa) and International Energy Holdings (IEH). At the same time, these businesses provide predictable, recurring revenue that will continue to increase shareholder value.
Additionally, Multiply Group’s inclusion in several indices, including the MSCI Emerging Markets Index, boosts its position on the global benchmark investment map and is expected to attract significant investment inflows. The Group has also been attracting and recruiting talents with capital market and investment banking expertise. It was recently recognized as a “Best Place to Work” by the global authority on corporate culture.
Looking ahead, with a liquid asset liquidity position of AED 34.97 billion and cash and bank balances of AED 1.03 billion, moderate debt, a global network of deal origination partners and building an in-house team of vertical experts, the Multiply Group Will continue to capitalize on market trends and maintain a strong position, continuing its strategy of investing in transformative cash-generating businesses that are exploring new revenue models in transforming industries.
In January, the group invested Dh92 million in Savage X Fenty, Rihanna’s direct-to-consumer e-commerce fashion business. The investment is part of a financing round with other international investors including Neuberger Berman and LionTree.
In April, it invested AED367 million in Dewa’s initial public offering as a cornerstone investor. This was followed by another AED 183.75 million cornerstone investor in Borouge plc’s IPO in May.
In September, the group acquired a 7.3 percent stake in Taqa for Dh10 billion. During the third quarter, Multiply Group also acquired an 80% stake in IEH, which recently acquired a 50% stake in Turkish clean and renewable energy company Kalyon Enerji Yatrimlari A.Ş. Kalyon Enerji’s assets include a PV (photovoltaic) power plant project with an installed capacity of 1.3 gigawatts (GW) in the Karapinar region of Konya.
Emirates Driving Company (EDC) saw a 51% increase in profitability last year and its third main branch in Madinat Zayed is 90% complete. The company is also partnering with Abu Dhabi Police, the Integrated Traffic Center and the European Association of Driving Schools to host the first summit of its kind in the region in 2022. The three-day summit focuses on accelerating the development of sophisticated and sustainable training techniques and driving the shift to transportation education based on sustainable transportation, technology and safety.
Pal Cooling Holding, one of the leaders in the district cooling industry in the UAE, has successfully completed and commissioned Shams Development’s second district cooling plant with a total design capacity of 57,000 tons of refrigeration (RT). It also expanded the installed capacity of its ADNEC plant to 20,000 RT, bringing the total installed capacity of the company’s six district cooling plants to 150,500 RT.
The Omorfia Group of personal care and beauty companies continues to expand and modernize its network, opening five new locations in 2022, branching out into higher-value services such as physiotherapy. This includes expanding its Tips and Toes brand with new locations at Park Point, Dubai Hills Estate; Silicon Centre, Dubai; and Al Dannah Mall, Ruwais; and a new location at Jazz Lounge Spa, Mirdif Avenue Mall, Dubai.
Viola Communications, a provider of fully integrated marketing and communications solutions, completed the first phase of the digital transformation of 16 bridges on Abu Dhabi’s high-visibility roads and major arterials in August. The firm also received the Middle East Public Relations Association (MEPRA) Award for Best Arts and Cultural Event for its communications and event management services for Sheikh Zayed Festival, Abu Dhabi’s leading international entertainment and cultural event.
Multiply Group has also launched a corporate wellness program run by its subsidiary HealthierU as part of its ESG commitment. The program promotes work-life balance and supports the physical and mental health of the Group’s more than 3,000 employees. Employees identified as high risk have participated in a comprehensive six-month program to guide their overall health and educate them on the benefits of adopting healthy habits.
inclusion in the new index
This year saw the inclusion of Multiply Group in several new indices. This included the MSCI Emerging Markets Index for November, which boosted its position on the global benchmark investment map and is expected to attract significant investment inflows. The group is also ranked 10th globally and 2nd regionally in the Bloomberg World Index with 2,803 members.
Multiply Group was also included in the FADX 15 Index in March and the FTSE GEIS MidCap Index in June.
During the third quarter, the group was included in the S&P UAE BMI Liquid 20/35 Capped Index and the S&P UAE Shariah Liquid 35/20 Capped Index. These indices measure the performance of the S&P UAE BMI and the UAE’s most liquid and Shariah-compliant stocks, respectively. The group’s inclusion in these indices provided by S&P Dow Jones Indices has also resulted in its inclusion in the Chimera S&P UAE UCITS ETF and the Chimera S&P UAE SHARIAH ETF.
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