MAIR Group shareholders approve AED 135mln cash dividend, delivering 12% return on share capital
MAIR's inaugural General Assembly Meeting marks its evolution into a listed company, driven by growth and sustained value creation
ABU DHABI, UAE – MAIR Group PJSC (ADX: MAIR) ("MAIR" or the "Group"), a strategic investment company focused on food retail and commercial real estate in the UAE, held its first General Assembly Meeting virtually today. During the meeting, shareholders approved all resolutions proposed by the Board of Directors, including the Group's Board Report and the Group Audited Consolidated Financial Statements for the year ended 31 December 2024.
As part of the key resolutions, the General Assembly approved the distribution of a cash dividend of AED 135 million, delivering a 12% return on the Group's share capital. The dividend equates to 6 fils per share and represents 79% of the net profit for 2024.
Following the full-year impact of the consolidation of the legacy cooperatives, the Group recorded total revenues of AED 2.0 billion, EBITDA of AED 338 million, and a net profit of AED 171 million for the year ended 31 December 2024, with a shareholder base of 12,903 as of year-end.
This year's General Assembly also marked a significant milestone in the Group's journey—its first Annual General Assembly Meeting as a public joint stock company, following the successful listing on the Abu Dhabi Securities Exchange in December 2024. It was also the 44th General Assembly since establishment as a cooperative, underscoring MAIR's legacy of transparency and governance.
Commenting on MAIR's track record and strategic continuity heading into 2025 , Mr. Nehayan Alameri, Managing Director and Group CEO, MAIR Group, said: 'The General Assembly's approval of this year's dividend reflects our continued commitment to delivering long-term, sustainable value to shareholders. This payout builds on our established track record of distributing dividends since inception, underscoring the Board's confidence in MAIR's strategic direction and operational strength. As we move forward, our focus remains on disciplined growth, deeper market integration, and maximizing value for all stakeholders across the Group's core verticals.'
About MAIR Group
The strategic investment company Mair Group has been established in Abu Dhabi, marking the launch of a transformative company focusing on driving purposeful business growth across key sectors of the economy. Mair Group manages a portfolio of well-established businesses, including ADCOOP - its flagship retail arm - and SPAR, a premium European supermarket chain that has been in Abu Dhabi for over a decade. The leading retail chain 'ADCOOP' was founded in 1977 which united seven trusted retail brands - Abu Dhabi Coop, Al Ain Coop, Al Dhafra Coop, Delma Coop, COOPS, Earth, and Mega Mart - under one cohesive identity based on a resolution issued by the Abu Dhabi Department of Economic Development. Mair's commercial real estate portfolio, Makani, positions as one of the top 5 property operators in Abu Dhabi, supported by 91% occupancy rate across 382,000 square meters of premium space across 70+ community hubs and many other commercial assets including Al Ain Mall. Operating with a vertical integration model, Mair Group supports growth in the local economy, ensuring the continuity of its commitment to the local community, while remaining focused on the national food security agenda of the United Arab Emirates.
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