Multiply logs 60 percent revenue growth in Q2 2024

ABU DHABI: Multiply Group, a leading Abu Dhabi-based investment holding firm, has announced its financial results for the second quarter of 2024, logging a 60 percent revenue growth year-on-year (YoY) across its operating portfolio to AED442 million. The group's net profit (excluding fair value changes) reached AED319 million, up 49 percent YoY, largely led by the consolidation of new acquisitions as we deliver on our vertical building strategy. Blended gross profit margin remained healthy at 43.5 percent, reflecting the change in revenue mix with increased contribution from the Media vertical post new acquisitions (33 percent of Q2'24 revenue versus 8 percent in Q2'23). Investment and other income including dividend income was at AED218 million. Source: Emirates News Agency