Majid Al Futtaim announced its financial results for the first half of 2025, showing continued profit growth, progress in strategic investments, and growth in the digital retail sector.

The group achieved consolidated revenues of AED 17.3 billion, a 3% year-on-year increase for the six months ending June 30, 2025. EBITDA rose 9% to AED 2.3 billion. Net profit reached AED 1.5 billion, while net profit before asset value fluctuations and corporate income tax increased 23% to AED 1.3 billion compared to the previous period.

Majid Al Futtaim generated free cash flow of AED 1.1 billion and reduced net debt to AED 13.4 billion, supported by effective management and capital allocation. Total assets amounted to AED 70.4 billion, with net debt to shareholders’ equity improving to 38% compared to the first half of the previous year.

Fadil Abdul Baqi Al Ali, Chairman of Majid Al Futtaim Holding, said: “The financial results for the first half confirm our strong strategic direction and steadfast commitment to creating long-term value for all stakeholders. The board is proud to support this vision that continues to deliver world-class experiences and tangible impact in the communities where we operate.”

Ahmed Jalal Ismail, CEO of Majid Al Futtaim Holding, added: “The strong financial results confirm our progress on the right path towards growth and profitability. They also demonstrate our ability to continue strategic investments and transformation programs across all core business units. As part of this journey, we launched a AED 5 billion comprehensive renovation project at Mall of the Emirates this year.”

Business Performance

The real estate sector continued to deliver strong results in H1 2025, with net revenues up 14% year-on-year to AED 4.3 billion and EBITDA up 10% to AED 2.1 billion. The asset management portfolio, including malls, hotels, and unfulfilled commitments, contributed revenues of AED 2.4 billion and EBITDA of AED 1.7 billion, driven by strong consumer demand, high leasing activity, and a refreshed tenant mix. Visitor traffic increased by 5%, while hotels recorded higher daily rates and occupancy averages.

The real estate development and residential communities portfolio posted revenues of AED 2 billion and EBITDA of AED 458 million.

The digital retail sector also showed strong performance in H1 2025, with revenues up 23% to AED 1.6 billion and EBITDA increasing fourfold. This momentum reflects a 41% growth in the “Carrefour Now” platform, rapidly expanding as a leading instant commerce platform. “Precision Media,” a leading AI-powered digital advertising company launched in 2024, recorded revenue growth of 21%.

Retail sector revenues reached AED 11.5 billion, down 1% year-on-year, mainly due to slower traditional store performance, transformation program implementation, and ongoing geopolitical tensions affecting consumer confidence in some markets.

Majid Al Futtaim’s lifestyle sector recorded double-digit growth, with revenues up 15% to AED 674 million and EBITDA more than doubling. This growth was driven by continued success of fashion and home products brands, alongside strategic expansion in the luxury sector.

Entertainment sector net revenues rose 11% to AED 891 million, with EBITDA jumping 93% compared to the previous year. “VOX Cinemas” delivered exceptional performance with 16% revenue growth, launching the region’s first “IMAX” theater with private suites and expanding its gaming concept with “Activ8,” the world’s first active gaming experience. “Ski Dubai” and “Ski Egypt” revenues doubled, while “Sno Oman” and Abu Dhabi venues showed stable performance.

The group enhanced its customer loyalty ecosystem by launching the SHARE credit card in partnership with Emirates NBD Bank. This co-branded card became the fastest issued in the bank’s history, with 10,000 cards issued, reflecting strong customer demand and trust in the SHARE rewards program.

Finance

Majid Al Futtaim maintained strong financial discipline in H1 2025, with net borrowings at AED 13.4 billion, a further reduction of AED 0.5 billion since December 2024. The company continues to maintain a balanced debt structure and strong liquidity covering more than two years of net funding needs through cash and committed credit facilities.