Monday, May 29, 2023
New Trend Magazine
Marco Polo Experience | Magazine
No Result
View All Result
  • TECHNOLOGIES
  • MOBILITY
  • SUSTAINIBILITY
  • INVESTMENT
  • CHALLENGES
  • LIFESTYLE
  • ITALIA
  • TECHNOLOGIES
  • MOBILITY
  • SUSTAINIBILITY
  • INVESTMENT
  • CHALLENGES
  • LIFESTYLE
  • ITALIA
No Result
View All Result
Marco Polo Experience | Magazine
No Result
View All Result

Multiply Group reflects on its year of transformation and growth at the Group’s General Assembly Meeting; sets priorities for 2023

Patrizia MarinbyPatrizia Marin
24 March 2023
0
A A
Reading Time: 3 mins read
Tags: Abu DhabiGeneral Assembly MeetingInvestmentMultiply Group
Home Investment

Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company held its General Assembly Meeting (GAM), reflected on a year of transformation and growth while establishing priorities for 2023. The hybrid event featured discussions on the company’s financial standing, its operating asset expansion, its investment strategy across the Group’s two arms, Multiply and Multiply+, and its commitment to sustainability.

Andre Sayegh, Chairman of the Board of Directors at Multiply Group commented on the Group’s strategy in his opening remarks: “The Group strategy for this initial year is to retain the equity in the company and reinvest it in targeted investments to bring in higher value to our shareholders. Multiply Group is well-positioned for 2023 and beyond to carry on with its growth plans focusing on its 2 core investment arms.”

In 2022, the asset base of Multiply Group quadrupled and the Group recorded AED 18.56 billion in profit, primarily due to atypical unrealized gains on investments. The operating portfolio of the Group performed exceptionally well, with a weighted average profitability growth of its subsidiaries of 38.6% annually. The Group remained one of the highest traded stocks on ADX with an average daily volume of AED 44 million during the year and was included in major benchmark indices such as the MSCI Emerging Markets Index and FTSE Russel’s Global Equity Index Series.       `

Internally, Multiply Group was recognized for their efforts as a Great Place to Work, launched their sustainability priorities and announced a CSR commitment to clean up the oceans.

Of the Group’s standing, Samia Bouazza, CEO and Managing Director of Multiply Group said: “We expect 2023 to be a year of further organic growth of our operating assets, continued disciplined investing and the possible launching of a new vertical.”

Bolstered by a good first year, a healthy balance sheet and robust free cash-flow position, the company has been deploying capital across its two distinct arms: Multiply and Multiply+. Multiply operates and invests in four current verticals (Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness) with plans to launch a fashion vertical in 2023-2024, while Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across several asset classes. Bouazza added: “Our duty is to continue to identify good companies to acquire, grow our portfolio and create value for our long-term partners and shareholders.”

In her shareholder letter published earlier today, Bouazza had said: “Our most critical tasks for 2023 are to remain guardians of our holding, and our companies’, balance sheets; organically grow our subsidiaries; pinpoint cash-generating opportunities to invest in, as valuations soften around the world; continue to drive our EPS growth; and contribute through our investments, initiatives and ESG priorities to the Year of Sustainability in the UAE.”

Agenda items for the General Assembly Meeting also included reviewing and approving the report of the board of directors on the company’s activity and financial position, releasing the board members and auditors from their liabilities for the fiscal year, and appointing the company’s auditors for the current fiscal year.

Patrizia Marin

Patrizia Marin

Patrizia Marin is journalist and chairman of Marco Polo Experience, a leading agency specialising in strategic communications, public affairs, marketing and media relations, with twenty years of experience in business internationalisation strategies, communication campaigns, media relations, mapping of the decision makers and community of interests’ relations. Patrizia has been advisor to the Italian Presidency of the Council of Ministers for Communication, Publishing and Information. As regards the logistics and infrastructure sectors, she has been Head of Communications for the Venice Port Authority; Media Relations Consultant for Aeroporti di Roma; International pr advisor for Atlantia while Vice-President at FBC. Patrizia is Contract Professor in Leadership and International Relations at the IULM University of Milan and has a degree in Law and International Political Science.

0
SHARES
36
VIEWS
Share on FacebookShare on Twitter

Related Posts

Sustainable Development Progress in Italy and the United Arab Emirates

by Patrizia Marin
28 May 2023
0

President of UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan has announced that 2023 will be the “Year of...

Read more

“THE OUTLAW” is a new captivating short movie project from a talented Emirati producer, Obaid al Jallaf together with the Italian actor Matteo Arnaldi

by Patrizia Marin
28 May 2023
0

This film tells a thrilling story of vengeance and the relentless pursuit of justice in the face of adversity. Here...

Read more

Dubai to Welcome the World’s First Bitcoin Tower

by Patrizia Marin
26 May 2023
0

Get ready for an extraordinary architectural marvel in Dubai, the Bitcoin Tower! This ground-breaking project celebrates the significance, prominence, and...

Read more

Related Posts

Investment

BITCOIN TOWER, the first one in the world, will be built in Dubai

The commitment to celebrating the importance, notoriety, and values of Bitcoin has led to the creation of a new hotel...

by Patrizia Marin
21 May 2023
Technologies

World Token Summit: Spearheading Dubai’s foray to become a global hub for crypto & blockchain activity

Crypto market has shown signs of a slow recovery signaling the end of the crypto winter. Crypto prices have trended...

by Eleonora Albertoni
16 May 2023
Agenda

NCEMA’s Crisis and Emergency Management Summit – Abu Dhabi 2023 kicks off this May under the patronage of Sheikh Tahnoun bin Zayed

The National Emergency Crisis and Disaster Management Authority (NCEMA) has announced that it will be hosting the Crisis and Emergency...

by Patrizia Marin
17 March 2023
Agenda

The International Ethics Standards Board for Accountants annual board meeting kicks off next week in Abu Dhabi

Abu Dhabi Accountability Authority (ADAA) is hosting the annual board meeting of the International Ethics Standards Board for Accountants (IESBA)...

by Eleonora Albertoni
9 March 2023
Agenda

Forbes has unveiled an expanded list of speakers for its second annual Forbes 30/50 Summit

The Summit will gather generations of women from both the Forbes 30 Under 30 and 50 Over 50 franchise lists...

by Patrizia Marin
21 February 2023
Investment

Revolutionize Your Investment Portfolio at Dubai Crypto Venture Capital

Discover the Future of Crypto Investing at Dubai Crypto Venture Capital

by Patrizia Marin
20 February 2023
Next Post

Bonny Meal. La dieta Mediterranea come stile di vita

Marco Polo Experience | Magazine

Navigate Site

  • Privacy Policy
  • Cookie Policy
  • Terms e Condition

Follow Us

No Result
View All Result
  • TECHNOLOGIES
  • MOBILITY
  • SUSTAINIBILITY
  • INVESTMENT
  • CHALLENGES
  • LIFESTYLE
  • ITALIA