MAIR Group rebrands all retail stores under ADCOOP
A. SREENIVASA REDDY (ABU DHABI)MAIR Group, an investment company focused on grocery retail and commercial real estate in the UAE, reported Dh1.02 billion in revenue in H1 2025, while successfully rebranding its legacy stores under the ADCOOP name. The ADX-listed company, formerly a cooperative business, announced its results on Thursday.Revenue in the first six months was marginally lower than the Dh1.09 billion posted a year earlier, reflecting the completion of a major rebranding programme and the repositioning of the retail portfolio for sustainable growth. The retail segment contributed Dh877.7 million, with like-for-like sales easing by 5% during the transition and a reduction in lower-margin wholesale activity. The Makani commercial real estate portfolio performed strongly, generating Dh109.8 million, up 9.3% year on year, supported by a robust 94% occupancy rate across more than 70 malls and community hubs. Management service income reached Dh33.4 million, arising from a shared services agreement with an affiliate.Underlying net profit for the period surged 57% to Dh81.8 million, driven by improved operating performance and lower finance costs following the repayment of all external debt earlier this year. Statutory profit, however, declined 37.5% from Dh130.9 million in H1 2024, when results benefited from one-off gains on the disposal of non-core assets. Gross profit rose 12.6% year on year to Dh365.9 million, while EBITDA stood at Dh157.9 million. The Group closed the period with a net cash position of Dh315 million, providing liquidity to reinvest in its retail and property pipeline.MAIR completed the unification of 80 stores under the ADCOOP brand, merging six legacy brands to create a single retail identity. Looking ahead, the Group is launching a Dh100 million-plus retail remodelling programme to further enhance customer experience, alongside a robust pipeline of retail and community real estate developments.'H1 2025 marks a pivotal stage in our transformation. With 80 former legacy stores unified under a single new ADCOOP brand, we enter H2 from a position of strength. The 57% year-on-year growth in underlying net profit demonstrates the impact of our integrated model and disciplined execution,' said Nehayan Hamad Alameri, Managing Director and Group CEO. 'With a debt-free balance sheet and strong cash flow, we are well-positioned to accelerate these initiatives and unlock further value for our customers and shareholders.'
Established in Abu Dhabi, MAIR Group manages a portfolio of businesses including ADCOOP, its flagship retail arm, and SPAR, a premium European supermarket chain in Abu Dhabi for over a decade. ADCOOP, founded in 1977, now brings together seven trusted retail brands under one identity. The Group's Makani portfolio ranks among Abu Dhabi's top five property operators, with 404,000 square metres of premium space and assets such as Al Ain Mall.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
10 hours ago
- Arabian Post
Invest Bank's AED 1.65 bn Losses Still Weigh Heavily
Arabian Post Staff -Dubai Accumulated losses at Abu Dhabi-listed Invest Bank stand at AED 1.653 billion, equivalent to 51.6 per cent of its paid-up capital, slightly down from AED 1.69 billion reported in March 2025. The losses originate from legacy impairments dating back to the first quarter of 2018 and continue to erode the lender's financial position. The bank has launched efforts to stabilise its financial health by de-risking its balance sheet. At the same time, the Government of Sharjah, as the major shareholder, has injected capital aimed at bolstering liquidity—a strategic move that aims to shore up the bank's resilience. ADVERTISEMENT Looking back, Invest Bank reported more severe accumulated losses in earlier years. At the end of 2019, those losses amounted to AED 2.21 billion, roughly 70 per cent of capital—a stark contrast to the current levels. By the third quarter of 2022, the accumulated losses were AED 2.16 billion, or about 68.2 per cent of capital, largely due to persistent non-performing loans. In response, the bank implemented remediation measures, writing off AED 2.10 billion in accumulated losses by September 2023, bringing the ratio down to approximately 20 per cent of capital. That period also saw a significant share capital increase. Combined, these figures reveal a notable, though gradual, trajectory of improvement—from 70 per cent of capital in 2019, easing to 20 per cent by late 2023, before creeping back up to 51.6 per cent in the year through March 2025. The strategic role of the Government of Sharjah remains pivotal. Following its initial 50.07 per cent stake in 2019—acquired via a substantial capital injection—the emirate later transferred roughly 20.48 per cent of its shares to the Sharjah Social Security Fund at the end of December 2024, retaining around 70.06 per cent ownership. This shareholder reorganisation suggests an internal shift in governance structure, while financial backing continues. Invest Bank is navigating a complex path of recovery. Its efforts to de-risk and recapitalise, combined with consistent shareholder support, offer a cautious optimism. But the level of accumulated losses still significantly exceeds capital, and ongoing remediation will be critical to restore full financial stability.
Arabian Post
a day ago
- Arabian Post
SUNRATE Secures Payment Business Licence In China
SINGAPORE – Media OutReach Newswire – 15 August 2025 – SUNRATE, the global payment and treasury management platform, today announced it has secured a payment business licence in China following its successful acquisition of a 100% stake in Transfar Pay, a unit of Shenzhen-listed Transfar Group. The RMB 315 million (USD 43.8 million) acquisition has received approval from relevant Chinese regulatory authorities. This transaction had been previously announced by the Transfer Group in an exchange filing dated April 1, 2025. 'This acquisition represents a strategic step in SUNRATE's ongoing commitment to enhancing our global licensing framework and ensuring compliant operations in all jurisdictions, whether through direct licensing or strategic partnerships,' said Paul Meng, co-founder at SUNRATE. With the addition of this licence, SUNRATE gains greater access to one of the world's most important and dynamic markets. This further complements SUNRATE's regulatory presence in key jurisdictions including Singapore, Hong Kong SAR, the United Kingdom, and Indonesia, with further regulatory milestones in other jurisdictions to be announced in due course. ADVERTISEMENT Hashtag: #SUNRATE The issuer is solely responsible for the content of this announcement. About SUNRATE SUNRATE is a global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE has been recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 190+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs. With its global business headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays, J.P. Morgan and is the principal member of both Mastercard and Visa. To learn more about SUNRATE, visit
Zawya
a day ago
- Zawya
SUNRATE Secures Payment Business Licence In China
SINGAPORE - Media OutReach Newswire - 15 August 2025 - SUNRATE, the global payment and treasury management platform, today announced it has secured a payment business licence in China following its successful acquisition of a 100% stake in Transfar Pay, a unit of Shenzhen-listed Transfar Group. The RMB 315 million (USD 43.8 million) acquisition has received approval from relevant Chinese regulatory authorities. This transaction had been previously announced by the Transfer Group in an exchange filing dated April 1, 2025. "This acquisition represents a strategic step in SUNRATE's ongoing commitment to enhancing our global licensing framework and ensuring compliant operations in all jurisdictions, whether through direct licensing or strategic partnerships," said Paul Meng, co-founder at SUNRATE. With the addition of this licence, SUNRATE gains greater access to one of the world's most important and dynamic markets. This further complements SUNRATE's regulatory presence in key jurisdictions including Singapore, Hong Kong SAR, the United Kingdom, and Indonesia, with further regulatory milestones in other jurisdictions to be announced in due course. Hashtag: #SUNRATE The issuer is solely responsible for the content of this announcement. About SUNRATE SUNRATE is a global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE has been recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 190+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs. With its global business headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays, J.P. Morgan and is the principal member of both Mastercard and Visa. To learn more about SUNRATE, visit SUNRATE
