Multiply Group’s 2022 net profit surges to $5bln on high revenues, strategic investments
Abu Dhabi holding company Multiply Group, in which the UAE conglomerate International Holding Company (IHC) is a major shareholder, posted a surge in its full-year 2022 net profit following a series of investments and a significant jump in revenues.
Total net profit for the period ended December 31, 2022 stood at AED 18.6 billion ($5 billion), up 80 times from AED 225 million in the previous year, while revenues tripled to more than AED 1.125 billion from AED 371 million in 2021.
The Group’s earnings per share for the same period rose to AED 1.65, from AED .06 in 2021, while total assets grew by 255%.
“We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings,” said Samia Bouazza, Multiply Group CEO and Managing Director.
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