Majid Al Futtaim posts its strongest financial results in its history

Dubai: Majid Al Futtaim delivered its strongest financial performance to date in 2025, reporting record profit growth and a stronger balance sheet as the company marked three decades of operations across the Middle East, Africa and Central Asia.

The Dubai-based group reported revenue of Dh35.9 billion, a 6% year-on-year increase, while EBITDA rose 10% to Dh5.1 billion, marking the first time the company has crossed the Dh5 billion threshold.

Net profit climbed 41% to Dh3.6 billion, while profit excluding valuation gains rose 48% to Dh2.3 billion, reflecting strong operational performance across its malls, retail and real estate businesses.

“Majid Al Futtaim’s record-breaking performance this year demonstrates our successful growth strategy and the robust corporate governance that enables us to deliver at scale,” said Fadel Abdulbaqi Al Ali, Chairman of the Board of Majid Al Futtaim Holding.

“We enter our fourth decade from a position of strength, continuing to deliver resilient growth and sustainable shareholder value creation.”

Strong cash generation and balance sheet

The company generated Dh3.5 billion in free cash flow, enabling further deleveraging and strengthening its financial position.

Net debt fell 15% to Dh11.9 billion, while the net debt-to-equity ratio improved to 32%, the lowest level recorded in more than a decade.

Total assets reached Dh71 billion, providing capacity to invest in a pipeline of developments across the UAE, Saudi Arabia and Egypt.

“2025 was a defining year for Majid Al Futtaim. Guided by a clarity of purpose, our momentum reached new heights, delivering peak performance across every dimension of our business to achieve the strongest financial performance in our history,” said Chief Executive Ahmed Galal Ismail.

“Driven by disciplined execution and the strength of our diversified portfolio, we surpassed Dh5 billion in EBITDA for the first time and delivered a 41% year-on-year increase in net profit.”

“Our financial position is the strongest it has been in a decade. Robust cash generation and a strengthened balance sheet give us the confidence to continue investing for the long term.”

Malls and real estate drive growth

Shopping malls and hotels remained a core pillar of the group’s performance. Revenue from the division rose 6% to Dh4.8 billion, supported by strong leasing activity and mall occupancy exceeding 98%.

Footfall across the portfolio increased 6%, reflecting steady consumer demand for retail and entertainment destinations across the region.

Real estate development also delivered strong growth, with revenue rising 33% to Dh5.8 billion, supported by demand across residential communities.

The group continues to reinvest heavily in flagship assets, including a Dh5 billion transformation of Mall of the Emirates, designed to strengthen its position as a regional retail and leisure destination.

“As expectations evolve, the role of physical destinations is shifting toward experience, connection and quality time, and our portfolio is built for that future,” said Ismail.

Digital retail momentum

Digital platforms continued to gain traction across the group’s retail business.

E-commerce revenue increased 20% to Dh3.2 billion, supported by rapid growth in quick commerce and retail media. Quick commerce revenue rose 38%, while Precision Media revenues increased 47%, reflecting strong advertiser demand for retail media solutions.

Retail performance in the UAE remained resilient despite currency fluctuations in some markets. Like-for-like revenue in the country rose 2%, supported by population growth and strong consumer demand.

The group also expanded its grocery footprint through the launch of HyperMax in Oman, Bahrain and Kuwait and introduced SAVA, a modern discount retailer developed in the UAE.

Lifestyle and entertainment expansion

Lifestyle brands delivered strong momentum during the year, with revenue rising 14% to Dh1.5 billion, driven by new luxury brand launches and expanded partnerships.

Majid Al Futtaim strengthened its long-standing partnership with Abercrombie & Fitch Co., while expanding online platforms for Abercrombie & Fitch and Hollister across Gulf markets.

Entertainment revenue increased 9% to Dh1.9 billion, led by cinemas, where revenue grew 13% amid strong box-office performance and demand for premium viewing formats.

The relaunch of VOX Cinemas’ IMAX theatre at Mall of the Emirates formed part of the company’s strategy to upgrade entertainment offerings across its destinations.