Multiply Group, a leading Abu Dhabi-based investment holding firm, today reports its Q1 2024 results with a net profit excluding fair value changes of AED 393 million, representing 48 percent growth compared to the same period last year (AED 266 million Q1 2023).
Robust underlying profit growth was driven by strong performance across business verticals. Reported loss of AED 4.2 billion includes over AED 4.6 billion paper losses from unrealized changes in fair value driven by periodic market fluctuations with no implications on the operational performance of the business. In year 2022, we reported paper gains of AED 18.5bn which gives us fair value gains of AED 13bn since then.
Group revenue increased by 45 percent YoY to AED 391 million, driven by growth across all verticals and the consolidation of Media 247 and BackLite Media under the Media vertical. Blended gross profit margin remained healthy at 51.1 percent, reflecting continued profitability across core verticals. Investment and other income was +29 percent YoY at AED 361 million.
Group net profit growth excluding unrealised fair value changes was driven by strong vertical performance (48 percent YoY blended growth) – excluding the Kalyon JV contribution, which was negative AED 13 million on higher deferred tax expense impacted by hyperinflation accounting in Turkey. In Q1 2024, we reported income tax benefit of AED 46 million on the recognition of fair value losses during the period.
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