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The group opened 42 new stores across its retail and lifestyle portfolio during the first half of the year, while free cash flow reached USD 299 million (AED 1.1 billion). Net debt was reduced to USD 3.6 billion (AED 13.4 billion), further strengthening the company’s financial position. (Image: Majid Al Futtaim_X)Dubai, UAE - September 4, 2025 - Majid Al Futtaim, the Middle East’s largest mall operator, announced a 23% increase in net profit excluding valuation and tax for the first half of 2025, powered by rising demand for residential projects and strong performance from its digital retail business.
The Dubai-based group posted revenue of USD 4.7 billion (AED 17.3 billion) for the six months ending June 30, marking a 3% year-on-year increase. EBITDA climbed 9% to USD 626 million (AED 2.3 billion), while net profit excluding valuation and tax rose to USD 352 million (AED 1.3 billion) from USD 272 million (AED 1 billion) during the same period last year.
Majid Al Futtaim reported a 14% increase in revenue from its properties division, which includes its extensive network of malls and residential developments. The digital retail unit delivered 23% growth, reflecting the success of Carrefour Now, the group’s quick-commerce platform.
This digital strength helped offset softer performance in its traditional brick-and-mortar retail stores. Lifestyle revenues also grew by 15%, while entertainment revenues climbed 11%, largely driven by the popularity of VOX Cinemas.
The group opened 42 new stores across its retail and lifestyle portfolio during the first half of the year, while free cash flow reached USD 299 million (AED 1.1 billion). Net debt was reduced to USD 3.6 billion (AED 13.4 billion), further strengthening the company’s financial position.
Majid Al Futtaim has launched a USD 1.36 billion (AED 5 billion) investment program to expand its flagship Mall of the Emirates. In addition, the group rolled out several luxury retail brands in Saudi Arabia, reflecting its ongoing lifestyle expansion strategy.
Chairman Fadel Abdulbaqi Al Ali said:
“Majid Al Futtaim’s first-half financial performance highlights both the strength of its strategic direction and the group’s commitment to delivering long-term value creation for all stakeholders.”
CEO Ahmed Galal Ismail added:
“These results reflect steady progress on our strategic investments and transformation across our core sectors. Our digital innovations, including Carrefour Now and Precision Media, are reshaping the retail experience and driving future growth.”
Fadel Abdulbaqi Al Ali, right, was appointed chairman of the holding board in June 2024. (Image: Majid Al Futtaim)With its diversified growth strategy and focus on digital innovation, Majid Al Futtaim continues to strengthen its position as a regional leader in retail, real estate, and lifestyle experiences.
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