Majid Al Futtaim Holding’s net income declined by 6% y-o-y to AED 2.5 bn in 2024, according to its financials (pdf). The company’s revenue decreased by 1.6% y-o-y to AED 34 bn last year, as strong revenue growth in properties (23%) and lifestyle (26%) was outweighed by declines in retail (10%) and entertainment (3%), on the back of market competition, weak consumer sentiment, and the currency devaluation in Egypt

The group also reported a net impairment loss of AED 298 mn, with the retail segment accounting for AED 222 mn. This included a goodwill impairment of AED 64 mn. The remaining retail impairments were driven by store-level performance issues amid heightened market competition. Impairment losses in other business areas resulted from unrecoverable costs linked to strategic portfolio adjustments across different markets.

The property unit experienced significant growth in 2024, with revenue rising 25% y-o-y to AED 9.1 bn. This increase was driven by higher rental income from its shopping malls in the UAE and strong performance in the Ghaf Woods and Tilal Al Ghaf residential developments.

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