Majid Al Futtaim of the UAE reveals its 2024 results, showcasing a revenue of Dhs33.9 billion.

March 25, 2025 1002

Majid Al Futtaim’s Properties Division Drives 25% Revenue Growth Amid Robust Business Expansion

Majid Al Futtaim has announced its 2024 financial results, reporting Dhs33.9bn in consolidated revenue, with EBITDA rising 1% to Dhs4.6bn despite macroeconomic challenges.

Financial Performance Highlights

  • Net profit: Dhs2.5bn (down 6% YoY), but up 18% excluding tax and impairments.
  • EBITDA growth: 3% on a constant currency basis.
  • UAE revenue: Increased by 7%, offsetting economic headwinds in other markets.
  • Free cash flow: Surged 270% to Dhs2.8bn, strengthening financial stability.
  • Net debt reduction: Dhs1bn, maintaining a BBB credit rating with a stable outlook.

Key Business Divisions & Growth

1. Properties Division Leads Revenue Growth

  • Net revenue: Dhs8.7bn (+25% YoY).
  • EBITDA: Dhs4.2bn (+16% YoY).
  • Ghaf Woods: Phases 1 & 2 sold out in under a week, reflecting strong demand.

2. Retail & Digital Business Transformation

  • Retail revenue: Dhs22.2bn.
  • Brick-and-mortar EBITDA: Dhs381m.
  • Digital segment: Achieved full-year profitability.

3. Shopping Malls & Hospitality Thrive

  • Occupancy rate: 97% across 29 malls.
  • Footfall: Remained stable after record growth in 2023.
  • Hotels segment: Performed strongly post-optimization.

CEO Insights & Future Outlook

Ahmed Galal Ismail, CEO of Majid Al Futtaim, emphasized the company’s resilience and strategic growth, despite geopolitical and tax challenges.

Sustainability remains a focus, with 13% Emiratisation, a second consecutive NAFIS award, and a low-risk ESG rating from Sustainalytics.

Majid Al Futtaim closed the year with Dhs68.8bn in total assets, further cementing its position as a financially strong regional leader.