Multiply Group's EBITDA grows 15 percent to record $508.31 million

Multiply Group, an Abu Dhabi-based investment holding company, today released its full-year 2024 results. The report showed that the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 15% year-on-year, reaching a record high of AED 1.9 billion (approximately US$508.31 million). In addition, the group reported a net profit of AED 1.04 billion, excluding fair value changes.

Multiply Group attributed this strong performance to its strategic focus on building expertise in vertical sectors through successful acquisitions. The company completed three acquisitions in 2024 and achieved organic growth through operational efficiencies and new revenue streams. These initiatives collectively drove the company's profitability.

Syed Basar Shueb, Chairman of Multiply Group, said: "2024 was a year of decisive action and strategic expansion for Multiply Group. We accelerated our growth trajectory, delivered double-digit EBITDA growth excluding fair value changes, and solidified our position as a dynamic force in the investment landscape."

The group's revenue increased by 56% year-on-year, exceeding AED 2 billion, driven by double-digit organic growth across all verticals, the full-year impact of the acquisition of Media 247 in July 2023, and the consolidation of BackLite Media, The Grooming Company Holding, and Excellence Premier Investment. Samia Bouazza, CEO and Managing Director of Multiply Group, stated that Multiply Group's performance across key metrics and the three acquisitions completed in 2024 have solidified its market-leading positions in the mobility, media, and beauty sectors.

The consolidated gross margin remained at a healthy 47%, reflecting the realignment of the revenue mix in the media vertical and the consolidation of Excellence Premier Investment in the mobility vertical. Investment and other income, including dividend income, contributed over AED 1 billion to the company's net profit. Furthermore, Multiply Group has over AED 2 billion in cash and cash equivalents, with an additional AED 4 billion in investment capacity, supporting future growth.

The group strategically deployed approximately AED 1 billion in three acquisitions, which align with its strategy of building leading positions in key verticals. Within its core operating portfolio, Multiply Group is focused on driving synergies and integration between businesses within each vertical, with an emphasis on accelerating digital transformation and operational efficiency.

Under Multiply+, the public markets investment portfolio ended the year with a valuation of AED 32 billion, compared to an initial investment of AED 15 billion. Despite market volatility impacting the fair value of some assets, the portfolio's overall performance remained strong, and the potential long-term value from targeted investments remains considerable.

Looking ahead, Shueb added: "As we look to 2025 and beyond, Multiply Group will continue to make strategic, value-driven investments that deliver an immediate impact while creating sustainable, long-term value for the Abu Dhabi economy, as part of IHC's broader vision."

The efficiency program launched by Multiply Group in the second quarter demonstrated significant acceleration throughout the year, exceeding expectations by delivering over AED 50 million in efficiency gains, surpassing the initially set target of AED 45 million. This equates to over 6% of operating EBITDA growth, highlighting the program's significant impact on the group's profitability.

Multiply Group gained additional media market share, leveraging its significant presence in the UAE's three dominant out-of-home media brands. It also unlocked revenue in the mobility sector by adjusting the Emirates Driving Company (EDC)'s training programs, adding more trainer capacity. Digital transformation has also made the group more efficient, through automating back-end processes, launching new revenue streams focused on programmatic media, and modernizing its technology infrastructure for better decision-making.

Looking ahead, Multiply Group plans to leverage artificial intelligence and advanced technologies across its businesses to extract further value. The group will continue to focus on innovation and efficiency improvements to maintain its competitive advantage in the market and create greater value for shareholders.