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00:00Let's look at the results of Multiply, the UAE company that suffered losses in the first quarter of this year.
00:10Let's focus on the details and the reasons, despite the record of these losses.
00:15The company had an annual growth in revenues in the first quarter of this year,
00:21with a net profit of 45%. These revenues amounted to 391 million UAE dirhams during this period.
00:32The outstanding thing for this company is that it works and invests in several strategic sectors.
00:39We were talking about the transportation sector, telecommunications, energy sector and other sectors such as health.
00:46The company had a clear strategic and investment role in the past years to diversify its assets.
00:53However, as a result of its actions in the first quarter of this year, the company recorded losses.
00:58These losses amounted to nearly 4.3 billion UAE dirhams.
01:05This jump, in addition to the increase in losses that the company has seen during this period,
01:11is due to several reasons, which we will discuss later.
01:14First, the company recorded losses in the fair value of investments, which amounted to nearly 4.6 billion UAE dirhams.
01:22The reasons for which the company withdrew were as a result of the circular fluctuations in the market,
01:26and the main reason was the withdrawals that were witnessed by the UAE energy share in the first quarter of this year.
01:33These withdrawals are also due to the fact that the company has investments of nearly 7% in the energy company.
01:40Therefore, it was also confirmed in its press statement that despite these fluctuations and withdrawals that were on the energy share,
01:47the performance through this portfolio is still strong.
01:51However, if we exclude the losses in the fair value for Multiply during this period,
01:59the company achieved net profits of nearly 48% and reached 393 million UAE dirhams.
02:07We return this time to the other reasons, which also had an impact, such as the increase in costs for this period.
02:14The increase in costs in financing was also a pressure on the company's business results.
02:20The increase in costs was also a pressure on the company's business results.
02:24The company also stated that 70% of the group's debt reserves are fixed at net profits levels in 2022.
02:33Moving on to the other reasons, there was an increase in management expenses by more than 43%
02:40to record 85 million UAE dirhams during the first quarter of this year.
02:45The most prominent in the statements of the Arabian CNBC, the executive head of the group,
02:50stated that there are also future levels in the Abu Dhabi market that will be abolished by the group.
02:58Therefore, we will be waiting for any updates regarding this diversification in the assets of Multiply and its results for the first quarter of this year.