Latest news with #ADCOOP
Zawya
15-05-2025
- Business
- Zawya
MAIR Group reports an increase in underlying profit as the transformation journey continues
Strong cash position and Debt Free balance sheet positions the Group well for planned strategic growth initiatives. 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.
Zawya
26-02-2025
- Business
- Zawya
ADCOOP unveils Ramadan 2025, focused on families, communities and affordability with up to 60% discounts
Key Highlights of the Ramadan 2025 Campaign: Ramadan Wow Offers: Discounts of up to 60% and over 4,000 products on promotion, including bulk offers tailored for families. Affordable Essentials: 185 key Ramadan items priced lower than last year. Cash Back Offer: Customers will receive AED 50 back spent on the next purchase for every AED 250 spent, adding extra value to their purchases. Community Foucus: 25 million investment, including 30,000 Iftar gifts distributed, and a strong partnership with the Khalifa foundation for the holy month On going Community support: All year long unveiling permanent 1,400 essentials at "Always Low Prices' Abu Dhabi, UAE: ADCOOP has launched its Ramadan 2025 campaign, a comprehensive initiative designed to ease shopping and foster community spirit during the holy month. ADCOOP CEO Bertrand Loumaye emphasized ADCOOP's commitment to serving its customers during Ramadan, a time of generosity and togetherness. The campaign features significant savings, including up to 60% off over 4,000 products, and lower prices on 185 essential Ramadan items. A generous cashback offer gives AED 50 back to customers for every AED 250 spent. ADCOOP has also invested AED 25 million in the Ramadan price drops. Commitment to Community: ADCOOP has taken the initiative to distribute 30,000 Iftar gifts and created 8000 pre-packed Ramadan essentials boxes in 2 formats, priced at AED 100 and AED 150, available in the stores and online. ADCOOP has also been supporting the Khalifa Foundation to help them achieve their local goals. Mr. Loumaye stressed ADCOOP's commitment to supporting the community, stating, "Our primary goal during Ramadan is to ensure our customers can access wholesome, nutritious, and high-quality food at affordable prices. This year, our team has worked tirelessly to offer even lower prices than last Ramadan. Mr. Loumaye aslo added that during Ramadan, ADCOOP offers customers a seamless and hassle-free shopping experience through fast and reliable express deliveries via the ADCOOP e-commerce app but also on Instashop and Talabat. To meet increased demand during the holy month, ADCOOP has boosted the online availability of essential products. Customers can shop at all ADCOOP locations across Abu Dhabi, Al Ain, Dafra, Delma, Sharjah, and Ras Al Khaimah, as well as online. Furthermore, ADCOOP's commitment to the community continues year-round with 1,400 essential items offered at "Always Low Prices" across the key categories, including fresh. About ADCOOP: ADCOOP is a community-centered retail destination in the UAE, offering exceptional service, unbeatable value, and a shopping experience enriched by Emirati culture and global influences. With over 100 stores serving more than 65,000 shoppers daily, ADCOOP's mission is to enrich lives and support communities by delivering quality products tailored to the diverse needs of Arab families. The brand blends tradition and modernity, providing culturally relevant offerings while embracing innovation to foster growth and connection. For more information on ADCOOP's offerings and initiatives.
