Dubai Retail Giant Reports Strong First Half Profit

Majid Al Futtaim Group reported a net profit of Dh1.5 billion for the first half of 2025, slightly down from Dh1.6 billion the previous year. However, excluding valuation and tax impacts, profit increased by 23% to Dh1.3 billion. The Dubai-based holding company saw a 3% rise in revenues to Dh17.3 billion and a 9% increase in EBITDA to Dh2.3 billion. The company also demonstrated strong financial management, generating Dh1.1 billion in free cash flow and reducing its net debt to Dh13.4 billion.

The company's CEO, Ahmed Galal Ismail, attributed the positive results to strategic investments and transformation across key sectors. Total assets reached Dh70.4 billion by the end of June 2025, with net debt-to-equity improving to 38%. The entertainment arm, VOX Cinemas, was a standout performer, achieving an 11% net revenue growth to Dh891 million, driven by strong cinema performance, and expansion of its "Activate" gaming concept.

Majid Al Futtaim's property division also performed well, with its development portfolio and residential communities generating Dh2 billion in revenues and Dh458 million in EBITDA. The company highlighted strong sales in projects like Ghaf Woods and Tilal Al Ghaf, indicating high demand for premium, community-focused living. The company is also expanding into the Saudi luxury market.