3 days ago
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.
