Retail and mall giant celebrates 30 years with record profits and a strengthened balance sheet.
Dubai: Majid Al Futtaim achieved its strongest financial performance ever in 2025, posting record profit growth and a strengthened balance sheet as it celebrated three decades of operations across the Middle East, Africa, and Central Asia.
The Dubai-based group reported revenue of Dh35.9 billion, up 6% year-on-year, while EBITDA increased 10% to Dh5.1 billion, marking the first time the company surpassed the Dh5 billion milestone.
Net profit rose 41% to Dh3.6 billion, while profit excluding valuation gains grew 48% to Dh2.3 billion, reflecting robust operational performance across its malls, retail, and real estate businesses.
“Majid Al Futtaim’s record-breaking performance this year reflects our successful growth strategy and the strong corporate governance that allows 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, supporting further deleveraging and strengthening its financial position.
Net debt declined 15% to Dh11.9 billion, while the net debt-to-equity ratio improved to 32%, the lowest level seen 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 clear purpose, our momentum reached new heights, delivering peak performance across all areas of our business and achieving the strongest financial results in our history,” said Chief Executive Ahmed Galal Ismail.
“Through disciplined execution and the strength of our diversified portfolio, we surpassed Dh5 billion in EBITDA for the first time and recorded 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 grew 6%, reflecting steady consumer demand for retail and entertainment destinations across the region.
Real estate development also showed strong growth, with revenue increasing 33% to Dh5.8 billion, driven by high demand across residential communities.
The group continues to reinvest heavily in its flagship assets, including a Dh5 billion transformation of Mall of the Emirates, aimed at reinforcing its position as a leading 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 designed for that future,” said Ismail.
Digital retail momentum
Digital platforms continued to gain traction across the group’s retail business.
E-commerce revenue grew 20% to Dh3.2 billion, driven by rapid expansion 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 presence with 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 showed 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 both Abercrombie & Fitch and Hollister across Gulf markets.
Entertainment revenue grew 9% to Dh1.9 billion, led by cinemas, where revenue increased 13% due to strong box-office performance and high demand for premium viewing formats.
The relaunch of VOX Cinemas’ IMAX theatre at Mall of the Emirates was part of the company’s strategy to enhance entertainment offerings across its destinations.
