Multiply Group Reviews Strong 2024 Performance and Sets Strategic Growth Direction for 2025
Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company, held its General Assembly Meeting (GAM) to review its strong financial performance, successful acquisitions, and strategic roadmap for sustained growth in 2025.
The meeting, held at the company’s headquarters at Al Khatem Tower, Abu Dhabi Global Market Square, and virtually, highlighted Multiply’s robust expansion across key sectors, operational efficiencies, and future strategic plans.
2024: A Year of Expansion and Efficiency
Multiply Group strengthened its market-leading position through three major acquisitions across the mobility, media, and beauty sectors:
- Emirates Driving Company acquired a 51% stake in Excellence Premier Investment LLC, the parent company of Dubai’s Excellence Driving Centre.
- Omorfia Group, Multiply’s 51%-owned beauty division, acquired 100% of The Grooming Company Holding (TGCH).
- Multiply fully consolidated BackLite Media, a premier Digital Out-of-Home (DOOH) advertising company.
These strategic acquisitions, combined with operational efficiency improvements, contributed to a strong financial performance. Multiply Group reported a net profit (excluding fair value changes) of AED 1.04 billion, with EBITDA growing by 15% year-on-year, reaching a record AED 1.9 billion.
2024 was dubbed the "Year of Efficiency", as the Group optimized operations by:
Streamlining procurement and consolidating business roles.
Modernizing technology infrastructure to introduce innovative, revenue-generating solutions.
Enhancing programmatic advertising with AI for better targeting and revenue growth.
Achieving AED 50 million in efficiency gains, surpassing the AED 45 million target.
2025: A Vision for Sustainable Growth
Looking ahead, Multiply Group remains in a strong acquisitive position with a capacity to deploy AED 4 billion in new investments. The Group plans to:
📌 Leverage AI and emerging technologies to enhance efficiencies across its subsidiaries.
📌 Identify high-value acquisition opportunities in key sectors.
📌 Continue driving sustainable, long-term shareholder value with another year of double-digit EBITDA growth.
Leadership Insights
Syed Basar Shueb, Chairman of the Board of Directors at Multiply Group, commented:
"This year was defined by decisive action and calculated growth, underpinned by our relentless focus on sector expertise, operational efficiencies, and diversification. Our acquisitions in 2024 exemplify this approach, driving synergies and unlocking new revenue streams."
Samia Bouazza, CEO and Managing Director of Multiply Group, added:
"Our FY 2024 revenue surged 56% year-on-year, surpassing AED 2 billion. By acquiring value-accretive targets, scaling efficiently, and digitizing operations, we have strengthened our leadership position. We are well-positioned for the future and remain committed to sustainable, long-term value creation for our shareholders."
The GAM also approved all agenda items, including reviewing the company’s financial position, releasing board members and auditors from liabilities, and appointing auditors for the new fiscal year.
With a clear vision for 2025, Multiply Group is set to capitalize on market shifts, technological advancements, and strategic investments to drive continued success.
