Latest news with #Dh1.35
Al Etihad
27-05-2025
- Business
- Al Etihad
Lulu Retail to join FTSE Global Equity Index Series
27 May 2025 14:04 A. SREENIVASA REDDY (ABU DHABI)Lulu Retail Holdings, the region's largest full-line retailer, has been selected for inclusion in the FTSE Global Equity Index Series (FTSE GEIS), a key global benchmark developed by FTSE Russell, a subsidiary of the London Stock Exchange inclusion will take effect from June 23, 2025, subject to final confirmation by June 6, a statement from the company move comes after Lulu's successful initial public offering (IPO) in Q4 2024, which attracted robust demand from local, regional, and international was listed on the Abu Dhabi Securities Exchange (ADX) at Dh2.04, and the stock is now trading at around Dh1.35. Despite the fall in price, the scrip enjoys high liquidity in the market cap stands at Dh13.94 billion, according to the latest ADX will be included in several prominent indices under the FTSE GEIS umbrella, namely the FTSE Mid Cap, FTSE All-World, FTSE All-Cap, and FTSE Total-Cap indices, the statement said. These indices are widely tracked by institutional investors globally and serve as essential tools for benchmarking equity performance and allocating FTSE Global Equity Index Series offers a comprehensive representation of global equity markets by covering companies across 49 developed and emerging markets. The indices are structured to include companies by market capitalisation tier—ranging from large-cap to micro-cap—and are reviewed quarterly to ensure they reflect current market conditions. Index constituents are determined based on factors such as market capitalisation, liquidity, and free in an FTSE GEIS index is often seen as a milestone for listed companies, as it enhances global visibility and can drive increased capital inflows from passive and active funds benchmarked to these on the announcement, Saifee Rupawala, CEO of Lulu Retail, said, "Our inclusion in the FTSE Global Equity Index Series is a landmark achievement and underscores the strength of our retail model, operational scale, and the trust investors have placed in our vision. It enhances our visibility on the global stage and opens new avenues for engagement with long-term international capital." Founded in 1974, Lulu Retail operates 255 stores across all six GCC countries, including hypermarkets, express stores, and mini-markets. The company also has a growing digital presence through mobile and online platforms. Source: Aletihad - Abu Dhabi
Khaleej Times
28-04-2025
- Business
- Khaleej Times
Ghitha Holding reports 7% rise in Q1 revenue to Dh1.35 billion
Ghitha Holding, a diversified conglomerate spanning agriculture, food production, and distribution, on Monday announced that revenue touched Dh1.35 billion in Q1-2025, representing a 7.2 per cent increase compared to Q1-2024. The Group's performance for the period reflects successful organic growth efforts, operational momentum, and contributions from recent acquisitions. Gross profit reached Dh307.9 million, up 27.1 per cent year on year in Q1-2025, while operating profit rose 6.4 per cent year on year to Dh76.8 million on the back of cost efficiencies and improved products mix during the period. Falal Ameen, Ghitha Holding's CEO, said: 'Our first quarter results reflect Ghitha's disciplined execution and strong foundations. The contribution of recent acquisitions to this quarter's performance marks a tangible milestone in our acquisition strategy, and we're excited about the future potential of our latest deal with Al Jazira Poultry Farm. Ghitha will continue to explore further opportunities aligned with its strategic vision, with active pipelines across the food segment.' In March 2025, Al Ain Farms, a subsidiary of Ghitha Holding, signed a share purschase agreement (SPA) to acquire Al Jazira Poultry Farm, a leading UAE-based poultry producer. This acquisition strengthens the Group's position in the protein vertical and forms part of its broader strategy to expand across essential food segments. Moreover, the transaction builds on the Group's successful acquisition of Arabian Farms completed last year. Looking ahead, Ghitha will focus on technology implementation and digital innovation to elevate decision-making, streamline operations, and enhance competitiveness across its value chain. As the Group strengthens its position in food value streams, M&A will remain a core pillar, with an emphasis on operational integration, efficiencies, and maximizing value creation.
Al Etihad
27-04-2025
- Business
- Al Etihad
Ghitha Holding posts 7% revenue growth in Q1 2025
28 Apr 2025 00:14 ABU DHABI (ALETIHAD)Ghitha Holding, a diversified conglomerate operating across agriculture, food production, and distribution sectors, reported a strong start to 2025 with a 7.2% year-on-year (YoY) increase in revenue for the first quarter, reaching Dh1.35 Group's gross profit rose by 27.1% YoY to Dh307.9 million, while operating profit grew by 6.4% to Dh76.8 million, driven by cost efficiencies and an improved product mix. The performance reflects successful organic growth initiatives, operational momentum, and contributions from recent on the results, Falal Ameen, CEO of Ghitha Holding, said:'Our first quarter results reflect Ghitha's disciplined execution and strong foundations. The contribution of recent acquisitions to this quarter's performance marks a tangible milestone in our acquisition strategy, and we're excited about the future potential of our latest deal with Al Jazira Poultry Farm. Ghitha will continue to explore further opportunities aligned with its strategic vision, with active pipelines across the food segment.'In March 2025, Al Ain Farms, a subsidiary of Ghitha Holding, signed a Share Purchase Agreement (SPA) to acquire Al Jazira Poultry Farm, a leading UAE-based poultry producer. This acquisition strengthens Ghitha's position in the protein vertical and follows the successful acquisition of Arabian Farms last ahead, Ghitha plans to enhance its operations through technology implementation and digital innovation, aiming to elevate decision-making, streamline processes, and boost competitiveness across its value chain. Mergers and acquisitions (M&A) will remain a core pillar of its strategy, with a focus on operational integration, efficiencies, and maximising value creation. Ghitha Holding operates as a subsidiary of International Holding Company and manages a wide-ranging portfolio of subsidiaries and associates, including Al Ain Farms, Marmum Dairy Farm, Arabian Farms, Apex Investment, Al Ajban Poultry, and NRTC Group, among others, engaged across dairy, poultry, fish, agriculture, food commodities, and trading sectors.
Al Etihad
20-03-2025
- Business
- Al Etihad
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 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 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 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 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 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 Group's strong financial performance in 2024 underscores its strategic expansion in retail and real estate, as well as its focus on optimising 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.'
Khaleej Times
26-02-2025
- Business
- Khaleej Times
Dubai real estate market posts first monthly dip in two years
Dubai's red-hot real estate market has recorded its first monthly price decline in over two years, signalling a long-anticipated shift toward equilibrium. According to Property Monitor, a leading real estate intelligence firm, average prices fell by 0.57 per cent in January 2025 to Dh1,484 per square foot — the first drop since summer 2022. This cooling follows four consecutive years of unprecedented growth, during which prices surged by over 30 per cent in 2024 alone, smashing records for transactions, launches, and mortgage activity. January 2025 marked the strongest month on record for sales volume, with 14,413 transactions. However, this figure represented a 4.6 per cent month-on-month decline from December 2024, hinting at a moderation in buyer momentum. Notably, the off-plan sector continued to dominate, with 53 new launches adding 12,400 units to the pipeline. With 7,555 transactions, the off-plan market accounted for 52 per cent of sales during January, down 17.7 per cent on December 2024. Title deed sales saw a marked month-on-month increase, rising by 15.7 per cent and accounting for 47.6 per cent of sales. Developers such as Emaar (16.5 per cent market share), Damac (15.8 per cent), and Danube (5.3 per cent) led activity, though off-plan sales dipped 17.7 per cent compared to December. Meanwhile, ready property transactions rose 15.7 per cent, reflecting renewed investor interest in completed assets. The slight price correction underscores growing affordability constraints after years of steep appreciation. Median prices in January stood at Dh1.35 million for apartments, Dh2.61 million for townhouses, and Dh6.92 million for villas. While luxury segments saw eye-popping deals—including a Dh425 million villa in Emirates Hills—entry-level buyers gravitated toward affordable options, such as a Dh175,000 studio in Dubai Production City. Zhann Jochinke, COO of Property Monitor, noted, 'Dubai's market is maturing. After a phase of explosive growth, stakeholders are recalibrating to balance supply with sustainable demand.' Mortgage activity echoed this sentiment: despite tighter Central Bank regulations, loans rose 6.8 per cent month-on-month to 4,134, with stable loan-to-value (LTV) ratios indicating sustained lender confidence. 'While the total number of transactions remains strong, affordability constraints and market maturity are beginning to shape the landscape. With sales volumes and mortgage transactions moderating, Dubai's property sector could be transitioning from a continued phase of rapid growth to a more sustainable trajectory. A careful balance of supply and demand will determine the future of the market in 2025 and beyond,' said Jochinke. January's dip comes on the heels of a historic 2024, when Dubai's property sector defied global headwinds to achieve record-breaking sales (over 150,000 transactions) and price peaks. Analysts argue that January's moderation reflects a natural market cycle rather than a downturn, with developers and regulators now prioritizing long-term stability over unchecked expansion. With 12,400 new units launched in January alone, developers must align future projects with evolving buyer preferences, particularly in mid-market and sustainable housing, market analysts said. Stable LTV ratios and rising loan volumes suggest financing remains accessible, though rate fluctuations could impact sentiment. The polarization between ultra-luxury and budget-friendly segments will likely persist, requiring tailored regulatory and investment strategies. As Dubai's market transitions from 'boom' to 'balance,' 2025 is poised to test its maturity—and its ability to sustain growth without overheating, market pundits said. 'For investors and end-users alike, the era of guaranteed double-digit returns may be fading, but opportunities endure in a market now defined by nuance, diversification, and strategic foresight.'
