Majid Al Futtaim H1 2026: record AED 2.5bn EBITDA while retail revenue falls 6%
Editorial
Majid Al Futtaim grew profit much faster than revenue in the first half of 2026: net operating profit after tax rose 25% on revenue that rose 1%.
Source: Gulf News on Majid Al Futtaim's H1 2026 results. Retail outside the GCC grew 4%.
Why profit outran sales
The group says earnings grew faster than sales because more of its income came from higher-margin businesses: development, shopping malls, cinemas and digital. Development revenue rose 38%, and mall revenue rose 12% on resilient demand, leasing and tenant performance, which helped offset weaker hotel demand as tourism softened.
Retail was the weak spot. Revenue fell 6%, mainly in non-food categories, which the company attributes to tougher consumer conditions, particularly in the UAE, and to actions taken in its own retail transformation. Retail in markets outside the GCC grew 4%, led by Egypt and Kenya. The group also pointed to a harder second quarter because of the regional conflict.
The pipeline
| Measure | Figure | Note |
|---|---|---|
| Markets | 14 | Gulf News |
| Customers a year | 600 million+ | Company statement |
| Retail digital revenue | AED 1.8bn (+11%) | H1 2026 |
| Precision Media revenue | AED 75m (+89%) | H1 2026 |
| Stores opened | 5, incl. first international Pacsun | H1 2026 |
| Liquidity | Covers more than 2.5 years of net financing needs | Cash and committed lines |
Group CEO Ahmed Galal Ismail said the results show the strength of a diversified, integrated portfolio across 14 markets, and chairman Fadel Abdulbaqi Al Ali said the group remains focused on disciplined capital allocation. Projects under construction include Ghaf Woods and the Mall of the Emirates redevelopment.