#AbuDhabi's Multiply Group eyes more investments as net profit surges to $125mln

Abu Dhabi's Multiply Group eyes more investments as net profit surges to $125mln

Abu Dhabi-listed Multiply Group, a subsidiary of International Holding Company (IHC), is expected to make more investments as it saw its net profit surge to AED 462.2 million ($125.8 million) during the first half of 2022, driven by higher revenues and "robust" growth in its subsidiaries.

Earnings for the first half of the year are a strong improvement from the previous year's net loss of AED 0.73 million, according to the company's financial results on the Abu Dhabi Securities Exchange (ADX).

Revenue for the period ended June 30, 2022 reached AED 507.3 million, a huge leap from a year ago's AED 8.4 million, while gross margin soared to AED 250.5 million from AED 4.5 million.

"Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth," said Samia Bouazza, CEO and Managing Director of Multiply Group.