Dubai – Dubai-based conglomerate Majid Al Futtaim (MAF) has reported a net profit of Dh2.5 billion for the financial year 2024, marking a 6% year-on-year decline. The dip in profit was attributed to currency devaluation, anticipated tax reforms, and one-off adjustments, the company confirmed in its annual financial statement released Monday. Despite the moderate profit decline, the Group posted revenues of Dh33.9 billion, a 2% decrease compared to the previous year. Excluding the impact of UAE corporate income tax, valuation gains, and impairments, the Group’s adjusted net profit surged by 18%, indicating strong operational resilience. “The Group remains on a steady growth path, driven by robust performance in our core property and mall businesses,” said a spokesperson for Majid Al Futtaim.
Property Division Delivers Solid Gains
The Group’s properties arm continued to be a key contributor to overall performance, posting a 25% increase in net revenue, reaching Dh8.7 billion. The segment's EBITDA rose 16% to Dh4.2 billion, reflecting high demand for residential and commercial real estate assets.
Its flagship malls portfolio – including the iconic Mall of the Emirates – reported a 97% leasing occupancy rate, with footfall remaining stable following record growth in 2023 across its 29 malls region-wide.
The company’s hospitality segment also registered positive momentum, with its restructured hotels portfolio performing strongly following operational optimisations.
Retail Segment Faces Volatility but Shows Strategic Progress
MAF’s retail operations, including Carrefour and other regional outlets, encountered a "challenging but rewarding" environment. The division earned Dh22.2 billion in revenue, while EBITDA stood at Dh381 million.
According to the company, performance in this vertical was pressured by currency fluctuations in key international markets and the lingering effects of geopolitical instability on consumer behavior.
Still, strategic initiatives in the retail space are yielding early signs of turnaround. The Group expanded Supeco, its discount retail chain, across Egypt, and launched Hypermax, a new wholly owned grocery brand in Jordan. A restructuring effort aimed at revamping its UAE retail operations has also begun to show encouraging early results.
“Despite external pressures, our retail strategy is evolving to meet the region’s changing market dynamics, supported by innovation and efficiency,” the Group added.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is one of the Middle East’s leading diversified business groups, with operations spanning retail, real estate, hospitality, and entertainment across the GCC, Africa, and Asia. The company is known for pioneering regional retail formats and building iconic destinations like the Mall of the Emirates and City Centre malls.
