MAIR Group reports over six-fold increase in net profit for 2024
20 Mar 2025 21:40
A. SREENIVASA REDDY (ABU DHABI) MAIR Group, (formerly Abu Dhabi Co-operative Society), has reported a more than sixfold increase in net profit, reaching Dh171.1 million in 2024, compared to Dh25.9 million in 2023.The retailer cum real estate group, listed on the Abu Dhabi Securities Exchange (ADX) in 2024, reported strong financial results for the year ended 31 December 2024, demonstrating notable growth across key financial metrics, including gross profit, operating profit, net profit, and total assets. The annual results for the company were posted on the ADX website.A key driver of the net profit boost was a gain of Dh49.2 million from the sale of assets held for sale, as well as higher dividend income and realised investment gains.The company's total revenue surged to Dh2.01 billion in 2024, marking a 48.3% increase from Dh1.35 billion in 2023. This growth was driven by higher retail sales and increased rental income from investment properties.The company's gross profit surged to Dh654.4 million in 2024, compared to Dh472 million in 2023, reflecting a substantial increase of 38.7%. The rise was driven by higher revenue from retail operations and rental income, coupled with cost efficiencies in the supply chain.Operating profit also saw a significant improvement, reaching Dh210.4 million in 2024, up from Dh89 million in the previous year. This 136.3% increase was attributed to revenue expansion and better cost management, despite a rise in general administrative expenses, employee benefits, and depreciation costs.The company's total assets stood at Dh5.67 billion as at 31 December 2024, compared to Dh6.1 billion in the previous year. The decline was mainly due to asset sales and the reallocation of capital, although non-current assets, including property and equipment, remained stable at Dh4.51 billion.MAIR Group's strong financial performance in 2024 underscores its strategic expansion in retail and real estate, as well as its focus on optimising operations.The Board of Directors proposed a dividend of Dh135 million, which is subject to the approval of the shareholders at the annual general meeting in 2025.
The statement spelt out the outlook for the current year. 'In 2025, we will focus on unlocking further benefits of scale, optimising operations, and advancing strategic initiatives across food retail, commercial real estate, and food production. We are confident that Mair Group is strategically positioned for sustained growth.'
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