Abu Dhabi – Mubasher: Multiply Group registered a net profit excluding fair value changes of AED 393 million in the first quarter (Q1) of 2024, up 48% year-on-year (YoY) from AED 266 million.

The group revenue surged by 45% YoY to AED 391 million in Q1-24, according to a press release.

Meanwhile, the company’s interim consolidated results showed a shift towards loss, recording loss after tax of AED 4.24 billion in Q1-24, compared to a net profit of AED 508,000 in the comparative period of 2023.

The loss per share amounted to AED 0.38 in the three-month period that ended on 31 March 2024.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “Throughout Q1 2024, we maintained our focus on delivering strong growth across existing subsidiaries and adding new high-value acquisitions to our portfolio.”

“Our first acquisition in 2024 was Backlite Media and we will continue to invest in value-accretive targets and acquire profitable companies in emerging markets and across the globe, both in existing and new sectors,” Bouazza highlighted.

Multiply Group posted a net profit attributable to owners of AED 337.80 million in 2023, down from AED 18.42 billion in 2022.