Latest news with #Dh1.09
Al Etihad
4 days ago
- Business
- Al Etihad
MAIR Group rebrands all retail stores under ADCOOP
14 Aug 2025 12:25 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 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 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 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.
Al Etihad
5 days ago
- Business
- Al Etihad
Presight reports record growth as revenue surpasses Dh1 billion in H1 of 2025
13 Aug 2025 10:11 ABU DHABI (ALETIHAD)Presight AI Holding Plc ('Presight' or 'the Company'; ADX: PRESIGHT), on Wednesday, announced its financial and operational results for the first half of 2025, highlighting strong performance fueled by continued domestic growth and international a press statement, Presight reported Dh1.09 billion in revenue for the first half of 2025, marking an 80.2% increase year-on-year. Organic revenue, excluding the contribution from AIQ, grew by 33.5%. EBITDA rose 59.6% to Dh 245.5 million, while net profit increased 18.8% to Dh 209.7 the second quarter alone, revenue reached Dh 523.9 million, a 53.5% increase compared to Q2 2024, with organic growth accounting for 19.7%. Quarterly EBITDA rose 45.5% year-on-year to Dh 104.5 million, and net profit grew 11.5% to Dh 89.7 million, reflecting the impact of the 15% corporate tax markets contributed 26.8% of Q2 revenue, up significantly from 4.9% in the same period last orders totalling Dh 304 million further strengthened performance, bringing the company's backlog to Dh 3.7 billion, more than triple the level from the previous year. Presight closed the period with Dh 2.0 billion in cash and maintained an unlevered balance sheet, providing ample flexibility to fund product innovation and targeted expansion. Upgraded Outlook and Guidance With the performance in the first half of 2025, together with a robust order backlog and a growing proportion of revenues from multi-year contracts, the company has upgraded its medium-term financial outlook. It now anticipates compound annual growth between 2023 and 2027 as follows:Group Revenue growth of 21% to 27% (previously 19% to 25%).Group EBITDA growth of 17% to 22% (previously 16% to 21%).Group Post-tax Profit growth of 7% to 12%, applying a 15% corporation tax rate (previously 6% to 11%). Strategic and Operational Progress During the second quarter, Presight continued to strengthen its position as the UAE's sovereign artificial intelligence partner of choice and accelerated its overseas expansion the domestic market, new contracts were signed with the UAE National Media Office and the UAE Media Council. The company also signed a Strategic Cooperation Agreement with the Abu Dhabi Department of Energy (DoE) to develop is a world-first, AI-powered energy and water management platform which will revolutionise the operation of the entire energy and utilities ecosystem across the Presight is continuing to drive forward its strategic agenda across key growth regions. In Malaysia, the company announced a landmark agreement set to accelerate Malaysia's digital transformation to support the government's Madani AI initiative. In Uganda, it is preparing for a rollout of a national digital government programme in collaboration with the National Information Technology Authority. The company has also deepened its footprint in Central Asia, launching a new office in Astana and expanding its energy sector partnerships in Kazakhstan through initiatives led by its majority-owned subsidiary, Pramotedham, CEO of Presight, stated: 'Our first-half performance demonstrates that Presight continues to grow both domestically and internationally. Our backlog is three times larger than it was a year ago, and our sovereign partnerships continue to deepen. Our journey as a key AI and digital transformation partner across the UAE federal government and state-owned enterprises continued at pace, with new contract wins and landmark agreements across key growth sectors.'Our international expansion across high-growth markets in the Middle East, Asia and Africa, where we support governments and large enterprises to deploy solutions which optimise public service delivery, drive economic diversification, and enhance national resilience, continues to be a material part of our growth trajectory.'With disciplined execution, new AI platforms coming to market and a deep pool of talent, we are on track to meet our commercial objectives and to compete on a global stage.'Innovation remained central to Presight's strategy during the reporting period. The inaugural cohort of the Presight AI-Startup Accelerator has been announced, enabling early engagement with emerging technologies and strategic growth the close of the reporting period, Presight announced a series of strategic initiatives designed to advance its regional and global Group unveiled its AI-Policing Suite ahead of the closing period and subsequently signed a cooperation agreement with Abu Dhabi Police to deploy these AI-powered law enforcement and smart city technologies as part of efforts to enhance public Group also agreed terms on a groundbreaking joint venture with the Central Bank of the UAE to deliver sovereign, AI-native technology solutions that support a resilient, secure, and future-ready financial market addition, Presight signed a strategic Memorandum of Understanding with Dow Jones to co-develop and commercialise next-generation, AI-driven risk and compliance solutions tailored for global financial institutions, regulators, and sovereign a strong balance sheet and a network of global strategic partners, Presight is in a strong position for continued growth through faster delivery of sovereign AI solutions, stronger client relationships, and lasting value across key markets. Presight's Applied Intelligence solutions stand to benefit from the growing technology collaboration between the UAE and the US, and the UAE's commitment to AI partnerships that accelerate progress for communities worldwide, leveraging Abu Dhabi's advanced digital and physical infrastructure.
