Multiply Group, based in Abu Dhabi, announced on Wednesday that its full-year financials for 2024 showed a net profit of Dh1.04 billion, excluding fair value fluctuations. With double-digit EBITDA growth of 15% year over year and a record high of Dh1.9 billion, the Group also exceeded expectations in its operational performance.
In 2024, Multiply Group successfully completed three media, beauty, and transportation acquisitions. A 51 percent share in Excellence Premier Investment LLC, the parent company of the well-known Excellence Driving Center in Dubai, was purchased by Emirates Driving Company. 100% of The Grooming Company Holding (TGCH) was purchased by Omorfia Group, the top beauty provider in the United Arab Emirates and a beauty anchor controlled by 51% of Multiply Group. Furthermore, Multiply Group acquired all of BackLite Media, a leading provider of digital out-of-home advertising.
These acquisitions, along with the strategic growth and improved operational effectiveness of long-standing group firms, drove a decisive year. For Multiply, 2024 was the Year of Efficiency. The Group adopted a strict strategy to streamline operations, find ways to cut costs, and improve its organizational structure by rationalizing procurement, combining functions, and eliminating superfluous business layers. Consequently, Multiply Group surpassed the intended goal of Dh45 million in efficiency benefits, achieving almost Dh50 million. This increased operating EBITDA of over 6%.
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