Multiply Group Announces 2024 Financial Results
Multiply Group has announced its financial results for 2024.
It reported a net profit of AED 1.04 billion, excluding changes in fair value.
The company achieved a strong operational performance.
It exceeded expectations with a 15% year-on-year (YoY) increase in EBITDA, reaching a record AED 1.9 billion.
Strong Performance Driven by Strategic Acquisitions and Organic Growth
The Group’s strong results were supported by its strategic focus on sector expertise and successful acquisitions.
As it completed three major acquisitions in 2024.
While organic growth was driven by improved operational efficiency and diversified revenue streams.
Revenue Growth
Multiply Group’s revenue grew by 56% year-on-year, surpassing AED 2 billion, fueled by double-digit organic expansion (+10% YoY).
Across all verticals and the full-year contribution of Media 247, acquired in July 2023.
The integration of BackLite Media, The Grooming Company Holding, and Excellence Premier Investment into the Group’s financial operations also played a key role.
The Group maintained a strong gross profit margin of 47%.
Reflecting changes in the revenue mix within the media segment and the integration of Excellence Premier Investment into the mobility sector.
Investment returns and other income, including dividend earnings, contributed over AED 1 billion to net profits.
AED 2 billion in cash and equivalents
Multiply Group’s balance sheet remained strong, with AED 2 billion in cash and equivalents.
Besides an additional AED 4 billion in available liquidity for future investments and growth.
This demonstrates the Group’s financial stability, flexibility, and disciplined capital allocation strategy.
Allowing it to adapt to market changes and achieve investment goals.
In 2024, Multiply Group invested approximately AED 1 billion in three strategic acquisitions.
Aligned with its ambitious growth plans across key business sectors.
Tazeez awards AED 6.2 billion contract to build UAE’s first methanol plant in Al Dhafra region pic.twitter.com/7ZbDSaZB4h
— UAE Voice (@uae_voiceeng) February 3, 2025
