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Fri, Nov 07, 2025 | Jumada al-Awwal 17, 1447 | Fajr 05:11 | DXB 
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Majid Al Futtaim posts Dh2.5 billion net profit for 2024
Dubai-based mall operator reports consolidated revenue of Dh33.9 billion, down 2%
Majid Al Futtaim, a leading diversified group in the region, reported on Monday a net profit of Dh2.5 billion, down 6.0 per cent year on year, “a result of currency devaluation, anticipated tax changes and one-off items.”
The Dubai-based player in shopping malls, communities, retail, and leisure pioneer posted consolidated revenue of Dh33.9 billion, down 2.0 per cent, while Ebitda grew 1.0 per cent at Dh 4.6 billion, “through growth in key business areas across the portfolio and prudent financial discipline.”
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The group generated Dh2.8 billion in free cash flow, marking a staggering 270 per cent increase compared to the previous year. The Group also successfully reduced its net debt by Dh1 billion, reaffirming its BBB credit rating with a stable outlook. Total assets grew to Dh68.8 billion, with an improved net debt-to-equity ratio of 41 per cent, indicating a solid financial foundation.
Ahmed Galal Ismail, CEO of Majid Al Futtaim, said 2024 was a year of extraordinary achievement for Majid Al Futtaim. “Despite complex macroeconomic factors, we delivered strong financial performance, with significant growth in free cash flow reinforcing our focus on long-term value creation.”
The group’s properties division performed exceptionally well, with net revenue increasing by 25 per cent to Dh8.7 billion, driven by strong tenant sales and the successful launch of the Ghaf Woods residential development, which sold out within a week. The overall occupancy rate across Majid Al Futtaim’s malls remained high at 97 per cent, showcasing continued consumer interest.
In a statement, the group said the retail sector faced challenges, yet it reported Dh22.2 billion in revenue. The division has initiated a turnaround program aimed at revitalizing its brick-and-mortar operations while also expanding its digital presence. Online revenue grew by 14 per cent, reaching Dh2.7 billion, aided by the success of the Carrefour Now platform.
The lifestyle division also showed promising growth, with revenue up 26 per cent to Dh1.3 billion, supported by the introduction of popular brands such as lululemon and Shiseido. In the Entertainment sector, net revenue reached Dh1.7 billion, with VOX Cinemas experiencing a 2.0 per cent increase in admissions.
In 2024, the group achieved 95 per cent of its sustainability targets, including significant reductions in carbon emissions. Notably, 27 of its shopping malls received LEED Gold or Platinum certifications, with ongoing efforts to achieve net-zero status by 2050.
Ismail said the launch of Precision Media, the group’s first AI-enabled business, signifies its dedication to innovation and enhancing customer experiences. Ismail noted, “Our focus on sustainability and local talent development is integral to our strategy, with Emiratisation levels reaching a record 13 per cent this year.”
Issac John
Issac John is Managing Editor at Khaleej Times and has over 45 years of experience in top-tier newspapers across UAE. A seasoned business writer and economic analyst, he brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India.
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