ABU DHABI, 4th February, 2025 (WAM) – Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company that invests in and operates businesses globally, today reported full year 2024 results with a net profit excluding fair value changes of AED 1.04 billion. The Group delivered strong operational performance, exceeding expectations with double-digit EBITDA growth of 15% year-on-year, reaching a record high of AED 1.9 billion. This robust performance was driven by its strategic focus on building vertical expertise through successful acquisitions, closing three acquisitions in 2024, and organic growth through operational efficiencies and new revenue streams. While reported net profit including unrealized fair value changes was impacted by market volatility, its core business fundamentals remain strong and growing at double-digit rate.
Group revenue surged 56% year-on-year, exceeding the AED 2 billion mark, propelled by double-digit organic growth across all verticals (+10% YoY), the full year impact of Media 247 which was acquired in July 2023 and the consolidation of BackLite Media, The Grooming Company Holding, and Excellence Premier Investment. Blended gross profit margin remained healthy at 47%, reflecting the change in revenue mix within the Media vertical and the consolidation of Excellence Premier Investment under the Mobility vertical. Investment and other income including dividend income added over AED 1 billion to bottom line.
The Group maintains a robust balance sheet, boasting over AED 2 billion as cash and cash equivalents with additional capacity to invest up to AED 4 billion for future growth. This strong financial position underscores our disciplined approach to capital allocation. In 2024, we strategically deployed approximately AED 1 billion across three acquisitions that align with Multiply's strategy of building leading positions within key verticals. In its core operational portfolio, the Group focuses on driving synergies and integration among the businesses under each vertical, with emphasis on accelerating digital transformation and operational efficiencies.