Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
MAIR Group, which is focused on retail and real estate sector, plans to enhance its retail operations, expand its real estate portfolio, and explore opportunities in other food-related sectors.
In an integrated report submitted to the the Abu Dhabi Securities Exchange (ADX), the business group highlighted its strategic shift and significant achievements in 2024.
Notably, this is the first integrated report submitted since the company's direct listing on the ADX in 2024, a key milestone in its evolution.
The report details MAIR Group's growth, its vision for the future, and its unique position as the first cooperative to transition into a public joint stock company.
2024 has been a year of considerable change for MAIR Group. The most significant development has been the merger of four cooperative societies: Abu Dhabi Cooperative Society, Al Ain Cooperative Society, Delma Cooperative Society, and Al Dhafra Cooperative Society. This merger consolidated these entities under the Abu Dhabi Cooperative Society (ADCOOP) brand, which subsequently evolved into MAIR Group. This restructuring aimed to create a more resilient and efficient organisation with a stronger customer focus, the report said.
The transition from a cooperative structure to a public joint stock company underscores MAIR Group's commitment to enhanced governance, transparency, and institutional growth. The listing on the ADX on December 9, 2024, represents a pivotal moment, opening avenues for increased investment and expansion.
MAIR Group is a strategic investment group with a focus on developing the UAE's food sector and contributing to the growth of local communities, the report said. The company's vision is to lead the strategic development of the UAE's food and commercial real estate sectors. This is to be achieved by partnering with businesses to unlock their potential and foster economic and social prosperity. The company's mission is to shape a future of self-sufficiency for the UAE through strategic investments that combine sustainability with prosperity, the report noted.
The business core business activities continue to be food retail and commercial real estate. The food retail division aims to redefine the grocery shopping experience by integrating its cooperative heritage with innovation across stores, digital platforms and private brands. This is primarily carried out through ADCOOP and its strategic partnership with SPAR, serving communities throughout the UAE with accessible, high-quality food and essential goods. The commercial real estate arm, Makani, develops and manages community-focused centres, contributing to accessibility, economic vibrancy and long-term value creation.
The report indicates robust financial performance in 2024. MAIR Group's revenue reached Dh2 billion, a 48% year-on-year growth compared to Dh1.3 billion in 2023. Net profit was Dh171 million, with an EBITDA of Dh338 million. This financial growth is attributed to the successful merger of the cooperative societies and the company's strategic initiatives.
The report includes statements from key company leaders, providing insights into MAIR Group's strategic direction and vision.
Chairman of the Board, Captain Mohamed Juma Alshamsi, stated: "As a result of the greater magnitude of MAIR's combined business post merger, we have seen positive growth in both revenue and profitability." He emphasises the company's commitment to creating a legacy of shared growth and success, acknowledging the UAE's strong economic performance as a key driver for MAIR Group's prospects.
Group Chief Executive Officer, Mr. Nehayan Hamad Alameri, remarked: "As a publicly listed company, we are committed to sustainability and governance excellence." He highlighted the company's focus on enhancing its retail leadership, strengthening supply chain resilience, expanding the commercial real estate portfolio, and embedding sustainability and governance. Alameri also expresses confidence in MAIR Group's ability to deliver long-term value and contribute to the UAE's progress.
MAIR Group is committed to aligning its strategy with the UAE's Food Security Strategy 2051, contributing to the nation's economic progress and the well-being of its communities, the report said.
