E-Paper
Sign In
Lulu Retail Holdings successfully concludes first annual general meeting
The event marked a key milestone in the Group’s journey, highlighting its strong performance, forward-looking strategy, and continued commitment to delivering value to all stakeholders.
- PUBLISHED: Fri 25 Apr 2025, 8:45 PM
Lulu Retail Holdings, the region’s leading full-line retailer, successfully convened its first annual general meeting (AGM) as a publicly listed entity in Abu Dhabi. During the AGM, all proposed resolutions were unanimously approved. The event marked a key milestone in the Group’s journey, highlighting its strong performance, forward-looking strategy, and continued commitment to delivering value to all stakeholders.
Yusuff Ali M A, chairman of Lulu Retail’s Board of Directors, expressed gratitude to shareholders, regulators, employees, and partners, acknowledging their vital role in the Group’s transformation into a publicly listed powerhouse of international repute. "Today marks not just our first AGM, but a defining moment that reflects the strength of our foundations, the clarity of our vision, and the unity of our purpose," he said.
Recommended For You
Earlier this year, Lulu Retail had reported its financial performance for FY 2024, with revenue reaching $7.6 billion, reflecting a 4.7% year-on-year increase, the company registered like-for-like growth of 2.3%. EBITDA rose to $786.3 million, up 4.4% YoY, delivering an EBITDA margin of 10.32%. Net profit from continuing operations stood at $216.2 million, representing a 12.6% increase compared to the previous year and a net margin of 2.8%.
Lulu Retail’s growth is underpinned by well identified strategic pillars: driving like-for-like growth in existing stores through an agile product strategy, targeted promotions, and enhanced customer experience; expanding store presence across GCC markets; improving profitability through operating leverage, supplier partnerships, and cost efficiencies; and unlocking further upside via private label expansion and accelerated e-commerce growth.
In his remarks, Saifee Rupawala, CEO of Lulu Retail reiterated Company’ commitment to long-term value creation: "We remain focused on strengthening our market position and look forward to the journey ahead with purpose and a shared vision for sustained growth."
The AGM also acknowledged the continued support of the Securities and Commodities Authority (SCA) and Abu Dhabi Securities Exchange (ADX), both of which have been instrumental in guiding the Group’s transition and compliance efforts.