Multiply Group PJSC

The Multiply Group PJSC held their Annual General Meeting on March 13th, 2024, at their headquarters, with an attendance of 77.33% of the total capital, primarily through electronic voting. The meeting, chaired by Mr. Andre Sayegh, reviewed and approved the company's financial position, the auditor's report, the balance sheet and profit and loss account for the financial year ended 31/12/2023. The assembly also approved the board's proposal for non-distribution of profits to the shareholders and the distribution of remuneration to the board members for the same financial year. The board members were discharged from liability for their activities for the concluded financial year.

During the General Assembly Meeting, the Abu Dhabi-based investment holding company, Multiply Group, reflected on a year of strong growth and positive impact from its investments. The company discussed its financial standing, portfolio expansion, investment strategies, and commitment to positive impact on the UAE economy and society. The Group also outlined its strategic priorities for 2024. Chairman Andre Sayegh highlighted the Group's achievements in 2023, including a 15% growth in operating net profit and revenue. The Group reported a net profit excluding fair value changes of AED 1.1 billion in 2023, 2.4 times higher than the previous year. Group revenue increased by 15% YoY to AED 1.3 billion. The company was also recognized for its efforts in climate action and its broader CSR activities.