Dubai: Multiply Group, an Abu Dhabi-based investment holding company, reported a net profit excluding fair value gains (losses) of AED 266 million, a 241% growth compared to the same period last year. The Group generated AED 303 million of dividends from its public market portfolio.Notably, revenue from its operating business reached AED 269 million during Q1, an 11.6% growth year-on-year with over 50% gross margin. This reflects the Group’s continued focus on building its verticals.Fair Value Losses of AED 265 million were incurred in Q1. It is imperative to note that these fair value changes are largely unrealised, and the short-term movements do not impact the Group’s long-term view of these assets. From a total invested amount of AED 12.6 billion, the Group’s current public market portfolio stands at over AED 33 billion, a 166% appreciation. Multiply Group’s investment portfolio is a key part of its asset base, and it has been an important growth driver.Multiply Group sees more value accretive acquisition opportunities emerge globally across its operating verticals and investment arm. The Group has a strong cash flow position with over AED 1.2 billion, very healthy debt to equity and debt to assets parameters, and access to over AED 6 billion in financing capacity. In parallel, across operating businesses several measures including tech infusion, bolt-on acquisitions are being lined-up to enhance organic growth. Multiply Group is well-positioned and focused on generating a more robust and sustainable EPS growth.Q1 2023 highlightsEmirates Driving Company launched the first test of Auve Tech’s autonomous vehicles in the Middle East, which will significantly strengthen and improve Abu Dhabi’s mobility sector. The new partnership symbolises EDC’s growing focus on smart mobility systems and its contribution to making Abu Dhabi a smarter, safer and more sustainable city. EDC also held its second engaging edition of the ‘EDC - Innovation Lab' with a selected group of external experts, partners and the company’s professionals to discuss various topics about the future of mobility under the theme of ‘Future Mobility: Where To’.Omorfia Group, which comprises personal care and beauty companies, expanded its Bedashing Beauty Lounge brand reaching 23 locations with the opening of two new branches, one in Al Taif entering Fujairah market and another one in Al Jada, its second branch in Sharjah. More recently, Omorfia Group opened the 9th branch of Jazz Lounge Spa in Port de la Mer, Dubai.International Energy Holding’s Kalyon Enerji commenced operations of the Kalyon Karap?nar Solar Plant after receiving the certificate of acceptance of the final section of the power plant, issued by the Ministry of Energy and Natural Resources (MENR) in Turkey. Kalyon Enerji also received a development impact assessment from J.P. Morgan’s Development Finance Institution for the Kalyon Karap?nar Solar Power Plant and has set a series of development objectives that are expected to advance four of the United Nations Sustainable Development Goals (SDGs): SDG #7: Affordable and Clean Energy, SDG #8: Decent Work and Economic Growth, SDG #13: Climate Action and SDG #15: Life on Land. The company also started development of 390 MW Solar - ANKA Project, 200 MW Wind - STORM Project, and 1 GW YEKA Wind Project (Kalyon shareholding 40%).Meanwhile, Viola Communications, a fully-integrated marketing and communications solutions provider successfully arranged and managed multiple big scale events, such as ADAA’s International Ethical Standards Board for Accountants (IESBA) under the theme "Building the Ethical Foundations for Sustainability”, the launch of Sea La Vie - a luxurious residential project at Yas Bay that will be developed by Nine Yards, and the open-air art gallery, DIFC Sculpture Park, featuring immersive experiences and artworks from over 70 local and international artists at DIFC.Inclusion In IndicesThe quarter saw the Group being upgraded from Mid Cap Index to Large Cap Index in FTSE Global Equity Index Series (FTSE GEIS) in its March 2023 semi-annual review.