Majid Al Futtaim Holding, one of Dubai's largest private sector companies and the Middle East's largest mall operator, reported a 41 per cent rise in its net income last year on a revenue boost across business lines.
Net profit for the 12-month period to the end of December climbed to Dh3.6 billion ($980 million), driven by “disciplined capital deployment” and diversified growth across its portfolio. Profit excluding the valuation gains for the reporting period surged 48 per cent, the company said on Monday.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) at the end of last year increased 10 per cent on an annual basis to Dh5.1 billion, crossing the Dh5 billion threshold for the first time.
The privately held business group said its revenue rose 6 per cent year-on-year to Dh35.9 billion. UAE revenue rose 11 per cent on an annual basis to more than Dh22 billion, underpinning the strength of the company’s core market.
“2025 was a defining year for Majid Al Futtaim … our momentum reached new heights, delivering peak performance across every dimension of our business to achieve the strongest financial performance in our history,” Ahmed Galal Ismail, chief executive of Majid Al Futtaim said.
“Our development pipeline is diversified across asset classes and our core markets in the UAE, Saudi Arabia, and Egypt, and includes significant reinvestment in flagship assets,” he added.
Majid Al Futtaim, like its peers in the UAE, has benefitted from the UAE's robust economic growth. The UAE economy has maintained a robust momentum over the past five years, driven by a sharp expansion of its property, hospitality, retail and leisure sectors.
The company, which owns and operates 29 shopping malls, including Mall of the Emirates, Mall of Egypt and Mall of Oman, has been investing heavily in its flagship shopping and retail destinations. Last year, it announced a Dh5 billion transformation of the Mall of the Emirates.
The company’s portfolio of assets includes seven luxury hotels and five mixed-use developments including Ghaf Woods and Tilal Al Ghaf in Dubai, Al Zahia in Sharjah and Al Mouj in Muscat.
Its real estate development arm reported an annual revenue increase of 33 per cent to Dh5.8 billion reflecting strong demand across its residential communities, the company said.
The group’s shopping malls and hotels business recorded a 6 per cent rise to Dh4.8 billion, led by the continued strength of its leasing portfolio, with the mall occupancy rate surpassing 98 per cent. Footfall also increased by 6 per cent.
Majid Al Futtaim’s e-commerce business posted 20 per cent revenue growth to Dh3.2 billion, while the group’s overall retail revenue declined 1 per cent.
Last year, the company also launched its HyperMax grocery retail brand across Oman, Bahrain and Kuwait, as well as SAVA, an Emirati modern discount retailer.
Majid Al Futtaim’s entertainment revenue climbed 9 per cent annually to Dh1.9 billion, led by its cinemas business, which reported 13 per cent revenue growth last year. The company’s lifestyle brands recorded 14 per cent revenue rise to Dh1.5 billion, it said.
