MAIR Group reported a 14.8 per cent rise in first-half net profit to Dh93.9 million, supported by growth in its retail business and continued momentum across its Makani commercial real estate portfolio.
the six months ended June 30 increased 5.8 per cent to Dh1.08 billion, from Dh1.02 billion a year earlier. Gross profit was broadly stable at Dh367 million, while EBITDA stood at Dh139.2 million.
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Second-quarter net profit rise 38.5 per cent to Dh41.9 million, while revenue increased 10.4 per cent to Dh515.6 million.
ADCOOP recorded 6.2 per cent like-for-like sales growth during the first half, while total retail sales increased 4.7 per cent across its 99-store network.
The group expanded its retail footprint during the second quarter with the opening of COOPS Kalba, extending its presence in the Northern Emirates.
ADCOOP also expanded its private-label range to more than 210 active products, including over 90 products introduced during the second quarter under its Yalla! and Xpert brands
Membership of PLUS loyalty programmer surpassed 180,000 during the quarter, supported by member pricing and targeted campaigns.
Makani Real Estate revenue increased 12.6 per cent to Dh123.6 million, from Dh109.8 million a year earlier, supported by portfolio expansion and optimization of its tenant mix.
During the second quarter, Makani added its first community center in Dubai, Makani Al Mizhar, as well as three neighborhood centers in Abu Dhabi’s Al Dhafra region.
Occupancy across the portfolio stood at 89 per cent, with more than 70 malls and community hubs covering about 475,000 square meters of gross leasable area.
MAIR ended the period with a cash balance of Dh180 million, providing liquidity to support its expansion and transformation plans.
Nehayan Hamad Alameri, Managing Director and Group CEO of MAIR Group, said the performance reflected progress across the company’s retail and commercial real estate businesses, alongside operational efficiencies and continued investment in its growth strategy.
Source: Khaleej Times