MAIR Group reports an increase in underlying profit as the transformation journey continues
ABU DHABI, UAE – MAIR Group PJSC (ADX: MAIR) ("MAIR" or the "Group"), a strategic investment company focused on grocery retail and commercial real estate in the UAE, today announced its financial results for the three-month period ended 31 March 2025.
Financial Highlights
All figures are in AED'000 unless otherwise stated
Q1 2025
Q1 2024
YoY Variance (%)
Revenue
539,940
593,281
(9.0)
Gross profit
176,852
165,119
7.1
Profit before tax
55,956
58,080
(3.7)
EBITDA 1
74,521
82,404
(9.6)
Profit for the period
51,537
69,537
(25.9)
Underlying profit for the period 2
51,537
36,512
41.2
Earnings per share (AED)
0.02
0.03
-
1 EBITDA (Post IFRS-16) is calculated by adding net finance costs, income tax expense, depreciation, and amortization to net profit, excluding non-operating income.
2 Underlying profit excludes one-off gains from asset disposals, discontinued operations, and adjusts for merger-related costs.
Sales Moderation as ADCOOP Rebranding Begins
Group revenue stood at AED 540 million, reflecting a 9% year-on-year decline due to the planned ADCOOP rebranding program, a reduction in less profitable wholesale, and the net impact of store closures vs. Q1 last year.
The grocery retail segment contributed AED 487 million, with like-for-like sales declining 5% as legacy stores undergo transformation. In Q1 2025, 20 stores were rebranded, with an additional 80 stores on track for completion by June 2025, marking a strategic shift towards modern and community-focused formats.
The commercial real estate segment recorded AED 53 million, up 8% year-on-year, underpinned by a 92% occupancy rate across the Group's 70+ Makani-branded community malls.
Solid Underlying Profitability
While statutory profit for the period declined from AED 69.5 million in Q1 2024 to
AED 51.5 million in Q1 2025, the Group performed well on an underlying basis with +41% underlying net profit growth. This was driven by improved operating performance and lower finance costs following the full repayment of debt. Q1 2024 enjoyed the one-off benefit from the disposal of non-core assets, partly offset by costs associated with the merger.
Strong Cash Flow and Debt Free Balance Sheet
MAIR continued to generate a strong cashflows and ended the quarter with
AED 549 million of cash after repayment of all remaining external debt in full. This gives MAIR the ability to continue to invest in its strategic growth initiatives across both the grocery retail and commercial real estate segments.
Commenting on MAIR's first quarter results, Mr. Nehayan Alameri, Managing Director and Group CEO, MAIR Group, said: 'Our Q1 results reflect the early impact of our transformation strategy; streamlining operations, rebranding our store network, and unlocking synergies across our retail and commercial real estate platforms. Our strong cash flow and debt-free position allow us to reinvest confidently in building modern retail experiences and community-centered real estate. We remain committed to sustainable growth and serving the evolving needs of UAE consumers.'
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 92% occupancy rate across 392,000 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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