Abu Dhabi's MAIR Group Records Strong H1 Profit Growth on Retail and Real Estate

Abu Dhabi-based MAIR Group announced a significant financial uplift, with its net profit for the first half of the year rising by 14.8 per cent to AED 93.9 million. This growth was primarily attributed to strong momentum in its retail operations and the continued expansion of its Makani commercial real estate portfolio across the UAE.

Financial Highlights

For the six months ending June 30, MAIR Group's revenue increased by 5.8 per cent, reaching AED 1.08 billion compared to AED 1.02 billion in the previous year. The group maintained a stable gross profit of AED 367 million, with EBITDA recorded at AED 139.2 million. The second quarter alone saw an even sharper increase, with net profit surging by 38.5 per cent to AED 41.9 million, and revenue growing by 10.4 per cent to AED 515.6 million.

Retail and Real Estate Performance

The retail segment, spearheaded by ADCOOP, achieved a 6.2 per cent like-for-like sales growth in the first half, contributing to a 4.7 per cent increase in total retail sales across its network of 99 stores. Expansion continued with the opening of COOPS Kalba in the Northern Emirates, and ADCOOP's private-label range broadened to include over 210 active products. The PLUS loyalty programme also saw substantial growth, surpassing 180,000 members during the quarter.

Makani Real Estate, the group's commercial property arm, saw its revenue climb by 12.6 per cent to AED 123.6 million, up from AED 109.8 million a year earlier. This was bolstered by portfolio expansion and a refined tenant mix. Notable additions during the second quarter include Makani Al Mizhar, the first community centre in Dubai, and three new neighbourhood centres in Abu Dhabi’s Al Dhafra region. The overall occupancy across Makani's portfolio, comprising more than 70 malls and community hubs covering approximately 475,000 square metres of gross leasable area, stood at a healthy 89 per cent.

MAIR Group concluded the period with a cash balance of AED 180 million, positioning it well to support its ongoing expansion and strategic transformation initiatives. Nehayan Hamad Alameri, Managing Director and Group CEO, highlighted that these results reflect consistent progress in both retail and commercial real estate, alongside operational efficiencies and sustained investment in growth strategies.