Majid Al Futtaim profit up with revenue nearing $10bn

• 2025 net profit up by 41%
• Revenue of AED36bn
• Ecommerce posts 20% growth

Majid Al Futtaim Holding said profit surged in 2025 as the top line rose across its shopping malls, hotels and entertainment businesses.

Net profit increased by 41 percent year on year to AED3.6 billion ($980 million), driven by a 6 percent annual rise in revenues to AED36 billion, the Dubai mall developer and operator said in a statement on Monday.

The company did not mention the ongoing missile and drone attacks in the UAE by Iran since the US and Israel launched attacks on Iran on February 28.

Net revenue from the shopping malls and hotels business increased 6 percent to AED4.8 billion. Earnings from the real estate development arm rose 33 percent to AED5.8 billion.

The company’s ecommerce segment posted 20 percent revenue growth, while entertainment revenue rose 9 percent, driven by cinemas.

Revenues from the UAE rose 11 percent annually to more than AED22 billion.

Earnings before interest, taxes, depreciation and amortisation increased by 10 percent to AED5.1 billion, surpassing the AED5 billion mark for the first time.

The company generated AED3.5 billion in free cash flow, a 25 percent year-on-year increase. 

Net debt declined by 15 percent since December 2024 to AED11.9 billion. 

“Our financial position is the strongest it has been in a decade,” said Ahmed Galal Ismail, chief executive officer at Majid Al Futtaim Holding.

“Robust cash generation and a strengthened balance sheet give us the confidence to continue investing for the long term,” he said.

Total assets stood at AED71 billion, the company said.

Further reading:

• Majid Al Futtaim returns to Riyadh with Diriyah deal
• Majid Al Futtaim reports profit rise despite retail drag
• Dubai’s financial regulator chief to lead Majid Al Futtaim board

Gulf retailers told AGBI they are bracing for a downturn as the eruption of conflict in the region squeezes supply chains and threatens to derail tourism spending at the height of the peak season.

“The immediate impact is lower mall traffic and a clear shift in spending from discretionary categories to essentials,” said Maire Morris, CEO of brand and retailer-focused Morris Global Consulting.