UAE's Majid Al Futtaim posts 2024 results, reports Dhs33.9bn in revenue
Majid Al Futtaim has reported its financial results for 2024.
The company said it achieved a consolidated revenue of Dhs33.9bn, down 2 per cent, while EBITDA grew 1 per cent at Dhs4.6bn, through growth in key business areas across the portfolio and prudent financial discipline.
Despite tough circumstances, the group achieved a net profit of Dhs2.5bn, down 6 per cent year on year, a result of currency devaluation, anticipated tax changes and one-off items. However, excluding UAE corporate income tax, valuation gains and impairments, net profit was up 18 per cent.
While on a constant currency basis, EBITDA increased 3 per cent, and revenue grew by 1 per cent.
Within the group's varied operating companies, revenues grew significantly in key divisions including Properties, Retail Digital and Lifestyle, while overall revenue in the UAE grew by 7 per cent, offsetting challenges in other operating companies and economic headwinds in certain markets.
The company also bolstered its financial position by increasing free cash flow by 270 per cent to Dhs2.8bn and cutting net debt by Dhs1bn, reinforcing its BBB credit rating with a stable outlook.
Growth across divisions
Majid Al Futtaim's Properties division led growth, posting a 25 per cent increase in net revenue, fueled by strong demand for its malls and residential projects.
Net revenue grew by 25 per cent year-on-year to Dhs8.7bn and EBITDA increasing by 16 per cent to Dhs4.2bn.
The newly launched
Meanwhile, the Retail division initiated a turnaround strategy in Q3. Its brick-and-mortar business reported revenue at Dhs22.2bn and EBITDA at Dhs381m while its digital business achieved full-year EBITDA profitability.
Majid Al Futtaim's shopping malls continued to thrive with leasing occupancy hitting 97 per cent and footfall remaining stable from record growth in 2023 across its 29 malls.
The newly optimised Hotels portfolio also performed well.
Majid Al Futtaim results reflect the group's resilience, says CEO
Ahmed Galal Ismail, CEO of Majid Al Futtaim, said the results reflect the group's resilience amid macroeconomic challenges and its commitment to long-term value creation.
'Despite geopolitical headwinds and higher corporate tax costs, we delivered strong financial performance, underscored by record free cash flow and robust growth across our key business segments,' he noted.
The company also made significant strides in sustainability, achieving a 13 per cent Emiratisation rate — earning the NAFIS award for the second consecutive year — and maintaining a low-risk ESG rating from Sustainalytics.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
07-08-2025
- Khaleej Times
Sharjah Holding reviews operational activities in its second board meeting of the year
The Board of Directors of Sharjah Holding convened its second meeting of the year 2025, chaired by Waleed Al Sayegh, Chairman of the Board. The meeting focused on reviewing operational activities, audited financial statements, and forward-looking studies, with the aim of advancing Sharjah Holding's projects and achieving sustainable revenue through the company's operations across the 'Matajer' retail centres and its flagship real estate development, Al Zahia residential project fully integrated residential community offering a wide range of services. The meeting also reviewed updates on ongoing projects, operational challenges, and proposed development plans for the upcoming phase. Discussions included key performance indicators (KPIs) and a set of recommendations aimed at enhancing efficiency and delivering added value to shareholders. Waleed Al Sayegh stated: 'Our partnership with Majid Al Futtaim Group enriches ideas and strategic plans, opens new horizons for the exchange of expertise and the development of innovative business models, and contributes to enhancing the competitiveness of our real estate and commercial projects—aligning with the aspirations of the Emirate of Sharjah and supporting its long-term economic vision.' Waleed Al Hashemi CEO of Sharjah Holding, commented: 'At Sharjah Holding, we are committed to placing people at the heart of every project and initiative. This approach is in alignment with the vision of Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah. We aim to embed quality of life as a central pillar of development, while proactively working to create a service-oriented environment that meets the evolving needs of the community.' Al Zahia community comprises approximately 3,700 residential units, all designed in accordance with the highest international standards of environmental sustainability. Al Zahia is the first residential real estate development in the UAE and the wider Middle East to receive the prestigious BREEAM certification for residential communities. Sharjah Holding was created out of a strategic partnership between Majid Al Futtaim Properties and Sharjah Asset Management – the investment arm of the Government of Sharjah. Established in 2008 as a real estate development company focused on community-oriented projects, Sharjah Holding contributes to the economic growth of the emirate and enhances the quality of life and well-being of its residents by developing communities that offer high living standards and strong investment value.
Zawya
07-08-2025
- Zawya
The Board of Directors of Sharjah Holding discusses the operational activities of Sharjah Holding's projects
Sharjah: The Board of Directors of Sharjah Holding convened its second meeting of the year 2025, chaired by His Excellency Waleed Al Sayegh, Chairman of the Board. The meeting focused on reviewing operational activities, audited financial statements, and forward-looking studies, with the aim of advancing Sharjah Holding's projects and achieving sustainable revenue through the company's operations across the 'Matajer' retail centres and its flagship real estate development, Al Zahia residential project fully integrated residential community offering a wide range of services. The meeting also reviewed updates on ongoing projects, operational challenges, and proposed development plans for the upcoming phase. Discussions included key performance indicators (KPIs) and a set of recommendations aimed at enhancing efficiency and delivering added value to shareholders. Waleed Al Sayegh stated:' Our partnership with Majid Al Futtaim Group enriches ideas and strategic plans, opens new horizons for the exchange of expertise and the development of innovative business models, and contributes to enhancing the competitiveness of our real estate and commercial projects—aligning with the aspirations of the Emirate of Sharjah and supporting its long-term economic vision.' Mr. Waleed Al Hashemi CEO of Sharjah Holding, commented: 'At Sharjah Holding, we are committed to placing people at the heart of every project and initiative. This approach is in alignment with the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah. We aim to embed quality of life as a central pillar of development, while proactively working to create a service-oriented environment that meets the evolving needs of the community.' Al Zahia community comprises approximately 3.7k residential units, all designed in accordance with the highest international standards of environmental sustainability. Al Zahia is the first residential real estate development in the UAE and the wider Middle East to receive the prestigious BREEAM certification for residential communities. It is worth noting that Sharjah Holding is the result of a strategic partnership between Majid Al Futtaim Properties and Sharjah Asset Management – the investment arm of the Government of Sharjah. Established in 2008 as a real estate development company focused on community-oriented projects, Sharjah Holding contributes to the economic growth of the emirate and enhances the quality of life and well-being of its residents by developing communities that offer high living standards and strong investment value.
TECHx
16-07-2025
- TECHx
Green Tech on the Rise in META and Europe
Home » Tech Market Insights » Green Tech on the Rise in META and Europe Green Tech adoption is accelerating in META and Europe, driven by eco-labels, carbon footprint standards, and growing demand for sustainable and refurbished IT products. The integration of sustainable practices within the technology sector is transitioning from a niche concern to a fundamental requirement, driven by shifting consumer demand and stringent procurement policies. This evolution is particularly evident across the META region and Europe, as observed by CONTEXT, where eco-labels and product carbon footprint are emerging as key metrics for assessing the environmental impact of technology. The rising demand for sustainable technology Consumer behaviour indicates a growing preference for eco-friendly products. This sentiment is mirrored in procurement preferences across the META region. For instance, Majid Al Futtaim prioritises suppliers using 'Energy Star rated or equivalent' energy-efficient equipment, while the University of Sharjah has integrated EPEAT certified computers into its sustainability objectives. Furthermore, the UAE Ministry of Finance's Sustainable Digital Services (IT) Guideline mandates the adoption of green procurement standards, advocating for IT equipment with eco-label certifications such as Energy Star, EPEAT, or TCO Certified, and requiring vendors to implement take-back programmes for end-of-life products. Measuring sustainability in technology: Key eco-labels Several eco-labels provide benchmarks for measuring sustainability in technology, each with distinct criteria: Energy Star: This certification focuses on energy efficiency, ensuring devices consume less power (25% to 40% less) during operation and sleep mode compared to non-certified alternatives. Certified PCs must meet minimum power supply unit efficiency requirements, with typical energy consumption (TEC) measuring a product's estimated annual electricity use. This certification focuses on energy efficiency, ensuring devices consume less power (25% to 40% less) during operation and sleep mode compared to non-certified alternatives. Certified PCs must meet minimum power supply unit efficiency requirements, with typical energy consumption (TEC) measuring a product's estimated annual electricity use. EPEAT (Electronic Product Environmental Assessment Tool): EPEAT offers a comprehensive approach to environmental, social, and governance (ESG) criteria based on the IEEE 1680.1 Standard. Beyond energy efficiency, it evaluates material selection, product circularity, repairability, and corporate ESG performance. Products are tiered Bronze, Silver, or Gold based on adherence to compulsory and optional criteria. EPEAT Gold signifies that products meet over 75% of the optional criteria, in addition to all required criteria. EPEAT offers a comprehensive approach to environmental, social, and governance (ESG) criteria based on the IEEE 1680.1 Standard. Beyond energy efficiency, it evaluates material selection, product circularity, repairability, and corporate ESG performance. Products are tiered Bronze, Silver, or Gold based on adherence to compulsory and optional criteria. EPEAT Gold signifies that products meet over 75% of the optional criteria, in addition to all required criteria. TCO Certified: This certification employs a broad approach to ESG criteria, with all criteria being compulsory. It addresses hazardous substance elimination, the percentage of post-consumer recycled plastics used, spare parts availability, repairability, and fair labour practices. TCO Certified also aligns with Energy Star on energy requirements and includes product carbon footprint (PCF) reporting. Adoption rates across META and Europe The adoption of sustainable technology varies across regions, as indicated by CONTEXT's data: Saudi Arabia: In 2025-Q1, 90% of PCs sold through Saudi Arabian distribution channels held an EPEAT Gold certification, a significant increase from 43% in 2023. This indicates a strong commitment from both vendors and customers towards sustainable practices. Additionally, 56% of notebooks sold in Saudi Arabia in 2025-Q1 were TCO Certified. The product mix in Saudi Arabia features newer models on average, which typically possess better ESG ratings and certifications. In 2025-Q1, 90% of PCs sold through Saudi Arabian distribution channels held an EPEAT Gold certification, a significant increase from 43% in 2023. This indicates a strong commitment from both vendors and customers towards sustainable practices. Additionally, 56% of notebooks sold in Saudi Arabia in 2025-Q1 were TCO Certified. The product mix in Saudi Arabia features newer models on average, which typically possess better ESG ratings and certifications. UAE: In 2025-Q1, 80% of notebooks sold in UAE distribution channels had EPEAT ratings, with 45% being Gold and 33% Silver. However, only 14% of notebooks sold in the UAE were TCO Certified during the same period. The UAE's product mix is more diverse than Saudi Arabia's, with a higher proportion of sales from lower price bands. In 2025-Q1, 80% of notebooks sold in UAE distribution channels had EPEAT ratings, with 45% being Gold and 33% Silver. However, only 14% of notebooks sold in the UAE were TCO Certified during the same period. The UAE's product mix is more diverse than Saudi Arabia's, with a higher proportion of sales from lower price bands. Türkiye: In contrast, only 30% of notebooks sold in Türkiye had an EPEAT tier in 2025-Q1, with 29% Gold and 2% Silver, and 69% having no eco-label. Similarly, only 15% of notebooks sold in Türkiye were TCO Certified. This lower adoption is partly attributable to a market shift towards cheaper products, where price sensitivity often outweighs ESG performance. In contrast, only 30% of notebooks sold in Türkiye had an EPEAT tier in 2025-Q1, with 29% Gold and 2% Silver, and 69% having no eco-label. Similarly, only 15% of notebooks sold in Türkiye were TCO Certified. This lower adoption is partly attributable to a market shift towards cheaper products, where price sensitivity often outweighs ESG performance. Europe: Europe demonstrates high adoption of EPEAT, with over 80% of products sold in 2025-Q1 being EPEAT Gold, up from 52% in 2023. In the UK, EPEAT Gold adoption for notebooks reached 79% in 2025-Q1, and notably, 94% of AI-capable notebooks in the UK are EPEAT Gold certified. Only 9% of notebooks sold in the UK do not have an EPEAT label. TCO Certified products accounted for 48% of PCs sold in Europe's top five countries in 2025-Q1. Product carbon footprint and refurbished products The product carbon footprint (PCF) measures the greenhouse gas emissions across a product's entire lifecycle. Newer product generations are designed for lower PCF, featuring stricter material selection, increased energy efficiency, and a higher use of recycled materials. For example, the Lenovo ThinkPad X1 Carbon G12 has a 41% recycled content compared to 15% for the G10, and its PCF has reduced from 200kg to 177kg. Similarly, the HP Probook G10 has a PCF of 160kg, down from 180kg for the G5. The estimated carbon footprint from notebook sales in the UK for 2025-Q1 was 162,000 tonnes, with an average CO2 emission of 228kg per device—a 3% YoY % change from 235kg a year prior. This figure is expected to continue dropping due to PC refreshes driven by the Windows 10 end-of-support and the lower carbon footprint of newer, particularly AI-capable, notebooks. The market for refurbished products is also gaining traction as a means of reducing environmental impact. Major OEMs like HP, Lenovo, and Microsoft have launched, or are planning to launch, certified refurbished programmes, offering products with OEM warranties and support. HP's certified refurbished notebooks, such as the EliteBook 840 Gen 5 and Gen 6, boast a 60% lower product carbon footprint compared to their original counterparts. In France, refurbished notebook unit sales saw a fourfold increase YoY, largely driven by the HP Certified Service programme. Challenges and opportunities Despite progress, challenges remain, particularly in e-waste management. Dubai's imminent landfill closure by 2027 highlights the urgent need for robust IT asset disposition (ITAD) solutions and enhanced customer understanding of circularity. The industry must collaborate to bridge this gap. For businesses, the shift towards sustainable technology presents a significant opportunity. Meeting growing customer demand for eco-friendly products, promoting with EPEAT and TCO certifications, and highlighting recycled content can enhance brand loyalty. Implementing trade-in and take-back services not only manages e-waste but also recovers valuable materials, supplies refurbishers, and attracts environmentally aware customers. This also unlocks new revenue streams, as consumers are increasingly willing to pay a premium for sustainable products. Transparent communication of sustainability efforts and the development of in-house eco-labels can further reinforce a brand's commitment. For a deeper analysis of these trends, readers can consult CONTEXT's TechPulse ESG newsletter.
