Total Assets Valued at 70.4 Billion Dirhams
Majid Al Futtaim has released its financial results for the first half of 2025, demonstrating ongoing growth in profits along with advancements in strategic investments and digital retail expansion.
The group reported consolidated revenues of 17.3 billion dirhams, marking a 3% year-on-year increase for the six months ending June 30, 2025. Meanwhile, earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 9%, totaling 2.3 billion dirhams. The net profit stood at 1.5 billion dirhams, with net profit before factoring in asset impairment and corporate tax showing a 23% growth, reaching 1.3 billion dirhams compared to 1 billion dirhams from the previous period.
Majid Al Futtaim achieved free cash flows of 1.1 billion dirhams, reducing its net debt to 13.4 billion dirhams, supported by effective management and capital allocation strategies. The aggregate value of assets reached 70.4 billion dirhams, and the net debt-to-equity ratio improved to 38% compared to the first half of the previous year.
Fadl Abdul Baki Al Ali, Chairman of Majid Al Futtaim Holding, stated: “The financial results for the first half of the year affirm our strategic direction and our steadfast commitment to delivering long-term value for all stakeholders. The board takes pride in supporting this vision, which continues to offer world-class experiences and make a tangible impact in the communities where we operate.”
In addition, Ahmad Jallil Ismail, CEO of Majid Al Futtaim Holding, remarked: “Our robust financial performance in the first half of the year indicates we are on the right path towards achieving growth and profitability. These results confirm our ability to proceed with our strategic investments and transformational programs across all core business units. In line with this trajectory, we have initiated a comprehensive renovation project at Mall of the Emirates valued at 5 billion dirhams this year.”
Business Performance
The group’s real estate sector continued to perform exceptionally in the first half of 2025, with net revenues increasing by 14% year-on-year to reach 4.3 billion dirhams, while EBITDA rose by 10% to 2.1 billion dirhams. The asset management portfolio, which includes shopping centers and hotels, generated revenues of 2.4 billion dirhams and produced EBITDA of 1.7 billion dirhams, driven by strong consumer demand, high leasing activity, and a revitalized tenant mix. Visitor traffic showed a 5% increase, and hotels recorded higher daily rates and occupancy averages overall.
In a similar vein, the portfolio of real estate development and residential communities generated revenues of 2 billion dirhams, with EBITDA amounting to 458 million dirhams.
Additionally, Majid Al Futtaim’s digital retail sector exhibited strong performance in the first half of 2025, with revenues rising by 23% to 1.6 billion dirhams, while EBITDA surged by fourfold. This momentum reflects a 41% growth in the “Carrefour Now” platform, rapidly expanding as a leading instant commerce platform. The digital advertising firm, Precision Media, which launched in 2024 and is supported by AI capabilities, reported a 21% revenue increase.
Retail sector revenues totaled 11.5 billion dirhams, reflecting a 1% year-on-year decline, primarily attributed to a slowdown in traditional store operations, the ongoing transformation program, and the persisting impact of geopolitical tensions on consumer confidence in certain markets.
Majid Al Futtaim’s lifestyle business exhibited remarkable growth, with revenues increasing by 15% to 674 million dirhams, and EBITDA more than doubling. This growth was driven by the ongoing success of fashion and home product brands, along with strategic expansions in the luxury sector.
The entertainment business recorded an 11% revenue increase, reaching 891 million dirhams, with EBITDA soaring by 93% compared to the prior year. VOX Cinemas showcased exceptional performance with a 16% revenue uptick, launching the first IMAX theater in the region equipped with suites and expanding its gaming concept with the debut of “Activate,” the world’s first active gaming experience. Revenues for Ski Dubai and Ski Egypt doubled, while Snow Oman and Abu Dhabi facilities exhibited stable performance.
The group strengthened its customer loyalty ecosystem by introducing the SHARE credit card in collaboration with Emirates NBD. This co-branded card is now the fastest in the bank’s history, with 10,000 cards issued, highlighting strong customer demand and confidence in the SHARE rewards program.
Financial Discipline
Majid Al Futtaim demonstrated strong financial discipline during the first half of 2025, maintaining a net borrowing level of 13.4 billion dirhams, which reflects a further decrease of half a billion dirhams since December 2024. The company continues to uphold a balanced debt structure and strong liquidity that covers over two years of net financing needs through available cash and credit facilities.