Majid Al Futtaim's 2024 profit declined to Dh2.5 billion

Majid Al Futtaim Group, based in Dubai, reported a net profit of Dh2.5 billion for 2024. This represents a 6% decline compared to last year. The company's revenues also fell by 2%, totaling Dh33.9 billion. Factors influencing the profit drop included currency devaluation and changes in tax policies. Despite the overall decline, when excluding certain impacts such as UAE corporate income tax and impairments, net profit actually rose by 18%. The property division performed well, with net revenue increasing by 25% year-on-year to Dh8.7 billion. This growth contributed to a 16% rise in EBITDA, which reached Dh4.2 billion. The leasing occupancy for shopping malls, including the popular Mall of the Emirates, remained high at 97%. Foot traffic also remained steady after record growth in 2023 across all 29 malls operated by the group. The hotel's performance has continued to improve as well. In the retail sector, Majid Al Futtaim experienced both challenges and rewards. Retail revenues reached Dh22.2 billion, while EBITDA was Dh381 million. Currency devaluations and geopolitical tensions impacted consumer sentiment. However, the company expanded its discount store Supeco in Egypt and launched a new grocery brand, Hypermax, in Jordan, which provide a positive outlook for the future.