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Mid East Info
15-05-2025
- Business
- Mid East Info
MAIR Group Reports an Increase in Underlying Profit as The Transformation Journey Continues - Middle East Business News and Information
Q1 2025 performance reflects operational discipline with a focus on profitable growth during the continued transformation of the Group. Strong cash position and Debt Free balance sheet positions the Group well for planned strategic growth initiatives. ABU DHABI, UAE – 15 May 2025: 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.'
Zawya
01-05-2025
- Business
- Zawya
MAIR Group shareholders approve AED 135mln cash dividend, delivering 12% return on share capital
MAIR's inaugural General Assembly Meeting marks its evolution into a listed company, driven by growth and sustained value creation ABU DHABI, UAE – MAIR Group PJSC (ADX: MAIR) ("MAIR" or the "Group"), a strategic investment company focused on food retail and commercial real estate in the UAE, held its first General Assembly Meeting virtually today. During the meeting, shareholders approved all resolutions proposed by the Board of Directors, including the Group's Board Report and the Group Audited Consolidated Financial Statements for the year ended 31 December 2024. As part of the key resolutions, the General Assembly approved the distribution of a cash dividend of AED 135 million, delivering a 12% return on the Group's share capital. The dividend equates to 6 fils per share and represents 79% of the net profit for 2024. Following the full-year impact of the consolidation of the legacy cooperatives, the Group recorded total revenues of AED 2.0 billion, EBITDA of AED 338 million, and a net profit of AED 171 million for the year ended 31 December 2024, with a shareholder base of 12,903 as of year-end. This year's General Assembly also marked a significant milestone in the Group's journey—its first Annual General Assembly Meeting as a public joint stock company, following the successful listing on the Abu Dhabi Securities Exchange in December 2024. It was also the 44th General Assembly since establishment as a cooperative, underscoring MAIR's legacy of transparency and governance. Commenting on MAIR's track record and strategic continuity heading into 2025 , Mr. Nehayan Alameri, Managing Director and Group CEO, MAIR Group, said: 'The General Assembly's approval of this year's dividend reflects our continued commitment to delivering long-term, sustainable value to shareholders. This payout builds on our established track record of distributing dividends since inception, underscoring the Board's confidence in MAIR's strategic direction and operational strength. As we move forward, our focus remains on disciplined growth, deeper market integration, and maximizing value for all stakeholders across the Group's core verticals.' 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 91% occupancy rate across 382,000 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.
