393 million dirhams in profits "Multiplay" During the first quarter
Abu Dhabi, May 3, 2024 – Multiplay Group, the Abu Dhabi-based investment holding company, recorded net profits of 393 million dirhams during the first quarter of 2024, a growth of 48% compared to the same period last year, during which it reached “266 million dirhams.” million dirhams,” driven by high operating performance across various business sectors.
The group’s revenues – according to the financial results for the first quarter of the year 2024 issued today – increased by 45% on an annual basis, achieving 391 million dirhams, driven by growth in all sectors and strengthening the media sector with the acquisition of “Backlight Media” and the majority of “Media 247”.
The financial results indicated that the combined gross profit margin remained good at 51.1%, in a clear continuation of profitability across the basic sectors, and the proportion of investments and other revenues increased by more than 29% on an annual basis to reach 361 million dirhams.
The growth in the group’s net profits was supported by a balanced performance of the sectors (mixed growth of 48% year-on-year), with the exception of the Calyon joint venture in Turkey.
The balance sheet remained strong with a cash balance of AED 1.62 billion, while the group once again demonstrated the effectiveness of its long-term strategy by building a diversified portfolio of strong assets across its four core sectors (mobility, energy and utilities, media and communication, and fitness and beauty) and investing in profitable assets that… Multiplay+ way to generate meaningful revenue.
Samia Bouazza, Group CEO and General Manager, said: “During the first quarter of 2024, we were keen to achieve strong growth across our various subsidiaries, and to enrich our growing business portfolio with more new high-value acquisitions, with net operating profits and revenues of our subsidiaries growing by 39% and 45%. Respectively, 393 million dirhams were recorded in the group’s net profits in the first quarter of 2024 after excluding changes in fair value.”
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