Majid Al Futtaim has reported consolidated income or AED33.9bn ($ 9.2bn), 2 percent less, while Ebitda grew by 1 percent in AED4.6bn ($ 1.25 billion), through the fine areas of Grow the Finnent.
Despite the challenging circumstances, the group achieved a net gain of AED2.5bn ($ 681 million), 6 percent less year after year, currency devaluation results, anticipated tax changes and unique articles.
However, excluding the EU corporate income tax, valuation profits and impediments, only the gain was 18 percent. While in a constant currency base, Ebitda increased by 3 percent, and revenues increased by 1 percent.
Futtaim Majid Results
Among the varied group operations of the group, income grew significantly in key divisions, including properties, retail digital and lifestyle, while general revenues in the EAU grew by 7 percent, compensating the challenge in others.
The group generated AED2.8bn ($ 762.4m) in free cash flow, an increase of 270 percent with respect to the previous year and reduced the net debt per AED1BN ($ 272 million), underlining the prudence of its financial creation.
Total assets were at AED68.8bn ($ 18.7 billion) and the net debt with capital improved 41 percent.
Ahmed Galal Ismail, CEO, Majid Al Futtaim, said: “2024 was a year defined by an extraordinary achievement for Majid al Futtaim. Despite the complex circumstances that include macroconic factors, winds against geopolitics and higher corporate tax costs, the group offered a solid financial performance.
“The net benefit before the EAU Corporate Income Tax, the valuation profits and the impediments increased by 18 percent reaching AED2.04BN ($ 555.5 million) and we close the year with a free cash flow almost four times, reinforcing the strength of our business model, our ability to adapt and our unwavering approach in the creation of long -term value.
“The solid financial performance of the group was backed by a record year in our property business, with a great demand from our last Ghaf Woods project and new phases of Tilal al Ghaf, as well as strong sales of tenants in our shopping centers.
“We also saw an encouraging progress of our retail business, where their response efforts have early fruit, and its digital business continues to strengthen the strength. It showed an early performance extremely encouraging.
“As the first Native Business of Digally de Majid Al Futtaim, Precision Media subdued to our unwavering commitment to transform customer experience, and with more than 150 global and local partners, they already benefit from the impact contents.
“2024 has also marked a year of significant achievement to fulfill our commitment to foster local talent, with our emiratization levels reaching a record or 13 percent record and reflect our ability to create a future learning opportunity of the gratifying career.
Majid to Futtaim’s company performances
- The group’s property business He achieved strong yield in 2024, with the net income that grew 25 percent year -on -year to AED8.7 billion ($ 2.4 billion) and Ebitda increased 16 percent to AED4.2bn ($ 1.1bn). Majid’s shopping centers to Futtaim have continued to thrive with the lease of the occupation that reaches 97 percent and the footsteps removing the stable of record growth in 2023 in its 29 shopping centers. The newly optimized hotels portfolio continued to work well. Other key taxpayers included the strong performance of the newly launched residential development of Ghaf Woods, where phases 1 and 2 sold completely in seven days. Tilal al Ghaf established a new record for luxury life with the launch of additional phases that the market appetite for the innovative, sustainable and community -centered life space. Total gross sales for 2024 reached AED7.9bn ($ 2.2 billion), demonstrating a growth of 30 % year after year
- Majid Al Futtaim’s Retail Business He faced a challenging but rewarding year for his brick and mortar business that resulted in income at AED22.2bn ($ 6 billion) and Ebitda in AED381m ($ 104m). On the one hand, the income was affected by the devals of currencies in the key markets and the impact of geopolitical tensions on the feeling of the consumer; On the other hand, 2024 saw the expansion of its discount sacrifices to Supeco, in Egypt, the introduction of Hypermax, a new brand of property and 100 percent operation in Jordan and the early progress of its response program in the EAU offers a positive positive. On the digital side, the business achieved significant progress in several strategic areas. Online income grew by 14 percent to AED2.7bn ($ 735.2 million) as the group continued to prioritize its omnichannel sacrifice to comply with the preferences of evolving consumers. The launch of Precision Media, the first native digital business of the group, takes advantage of the technology driven by the AI to transform the way brands are involved with customers. As electronic commerce changes more and more towards a fast trade, the group pivot in this space has seen that the Carrefour platform now grows 30 percent in the last 12 months to represent 38 percent of digital income and deliver an EBITDA or 5.9 percent in 2024 in 2024
- The lifestyle business He delivered strong growth, with an increase in income of 26 percent to AED1.3bn ($ 354 million) and Ebitda increasing 43 percent to AED96m ($ 26.1 million) compared to the previous year. The expansion of key brands such as Lululemon, Lego and Shiseido promoted this success, with one of Dubai headquarters based in Lululemon in the third best store worldwide. As a central reinforcement of Majid’s strategy to Futtaim, lifestyle continues to inject innovation and emotion into the group’s portfolio. This year, the division further strengthened its portfolio by introducing new luxury and lifestyle brands, including the exclusive franchise agreement with the Italian luxury label Elevy, which reflects its commitment to bring fresh and coveted offerings.
- Your entertainment business Informed net income of AED1.7bn ($ 463 million) and Ebitda in AED164m ($ 44.6m). With regional film markets that continue to recover, Vox Cinemas saw a 2 percent increase in admissions, backed by the growing interest of the consumer in premium experiences. In one more step towards the diversification of its entertainment offers, the group launched “activated” in the EAU, an interactive game concept designed to merge technology and physical activity
