Abu Dhabi – Mubasher: Multiply Group has achieved AED 389.30 million worth of consolidated net profits attributable to the shareholders during the first half (H1) of 2022, against losses of AED 733,000 in H1-21.
The basic earnings per share (EPS) stood at AED 0.035 in H1-22, versus a loss per share of AED 0.018 in the same half a year earlier, according to the income statements on Thursday.
Multiply Group generated AED 507.26 million in revenue during the January-June 2022 period, a surge from AED 8.44 million in the year-ago period.
The group expected its profitable performance to accelerate during the rest of 2022.
During the second quarter (Q2) of 2022, the entity’s net profits attributable to the equity holders soared to AED 98.71 million from AED 156,000 in Q2-21.
The basic EPS went up to AED 0.009 in Q2-22 from AED 0.004 in Q2-21.
The revenues also jumped to AED 266.05 million in the first three months (3M) of 2022, compared to AED 4.82 million in the same period a year ago.
CEO and Managing Director of Multiply Group, Samia Bouazza, said: “Our outlook for the rest of the year is very positive, and we expect our profitability to accelerate as we focus on two key areas of growth.”
Bouazza noted: “Firstly, we will use our strong cash base to seek out further investment opportunities locally and globally as we capitalise on softening market conditions and identify opportunistic deals. Secondly, we will continue to deliver synergies and cost savings across our businesses through our operational excellence and digital transformation programmes."
During Q1-22, Multiply Group turned profitable at AED 290.59 million against AED 889,000 losses attributable to the owners in Q1-21.
