Latest news with #MAIRGroup
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.
Al Etihad
30-03-2025
- Business
- Al Etihad
MAIR Group to expand its retail and realty portfolio
30 Mar 2025 18:16 REDDY (ABU DHABI)MAIR Group, which is focused on retail and real estate sector, plans to enhance its retail operations, expand its real estate portfolio, and explore opportunities in other food-related sectors. In an integrated report submitted to the the Abu Dhabi Securities Exchange (ADX, the business group highlighted its strategic shift and significant achievements in 2024. Notably, this is the first integrated report submitted since the company's direct listing on the ADX in 2024, a key milestone in its evolution. The report details MAIR Group's growth, its vision for the future, and its unique position as the first cooperative to transition into a public joint stock company. 2024 has been a year of considerable change for MAIR Group. The most significant development has been the merger of four cooperative societies: Abu Dhabi Cooperative Society, Al Ain Cooperative Society, Delma Cooperative Society, and Al Dhafra Cooperative Society. This merger consolidated these entities under the Abu Dhabi Cooperative Society (ADCOOP) brand, which subsequently evolved into MAIR Group. This restructuring aimed to create a more resilient and efficient organisation with a stronger customer focus, the report said. The transition from a cooperative structure to a public joint stock company underscores MAIR Group's commitment to enhanced governance, transparency, and institutional growth. The listing on the ADX on December 9, 2024, represents a pivotal moment, opening avenues for increased investment and expansion. MAIR Group is a strategic investment group with a focus on developing the UAE's food sector and contributing to the growth of local communities, the report said. The company's vision is to lead the strategic development of the UAE's food and commercial real estate sectors. This is to be achieved by partnering with businesses to unlock their potential and foster economic and social prosperity. The company's mission is to shape a future of self-sufficiency for the UAE through strategic investments that combine sustainability with prosperity, the report business core business activities continue to be food retail and commercial real estate. The food retail division aims to redefine the grocery shopping experience by integrating its cooperative heritage with innovation across stores, digital platforms and private brands. This is primarily carried out through ADCOOP and its strategic partnership with SPAR, serving communities throughout the UAE with accessible, high-quality food and essential goods. The commercial real estate arm, Makani, develops and manages community-focused centres, contributing to accessibility, economic vibrancy and long-term value report indicates robust financial performance in 2024. MAIR Group's revenue reached Dh2 billion, a 48% year-on-year growth compared to Dh1.3 billion in 2023. Net profit was Dh171 million, with an EBITDA of Dh338 million. This financial growth is attributed to the successful merger of the cooperative societies and the company's strategic initiatives. The report includes statements from key company leaders, providing insights into MAIR Group's strategic direction and of the Board, Captain Mohamed Juma Alshamsi, stated: "As a result of the greater magnitude of MAIR's combined business post merger, we have seen positive growth in both revenue and profitability." He emphasises the company's commitment to creating a legacy of shared growth and success, acknowledging the UAE's strong economic performance as a key driver for MAIR Group's Chief Executive Officer, Mr. Nehayan Hamad Alameri, remarked: "As a publicly listed company, we are committed to sustainability and governance excellence." He highlighted the company's focus on enhancing its retail leadership, strengthening supply chain resilience, expanding the commercial real estate portfolio, and embedding sustainability and governance. Alameri also expresses confidence in MAIR Group's ability to deliver long-term value and contribute to the UAE's progress. MAIR Group is committed to aligning its strategy with the UAE's Food Security Strategy 2051, contributing to the nation's economic progress and the well-being of its communities, the report said.
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.'
