Carrefour’s Kenya operations generated AED 1,386 million in revenue for the year ended 31 December 2025, up from AED 1,219 million in 2024, a 14% increase. Uganda contributed AED 150 million, up from AED 143 million the previous year.
The figures come from the Group’s segment revenue breakdown by geography, which measures performance using Net Operating Profit After Tax (NOPAT) — a non-GAAP measure that strips out the effect of debt financing to show what the business earns purely from operations.
Kenya and Uganda Performance
| Market | Revenue 2024 (AED m) | Revenue 2025 (AED m) | Change | NOPAT 2025 (AED m) | Assets 2025 (AED m) |
|---|---|---|---|---|---|
| Kenya | 1,219 | 1,386 | +14% | 18 | 411 |
| Uganda | 143 | 150 | +5% | (10) | 75 |
Kenya posted a NOPAT of AED 18 million in 2025, marginally ahead of AED 17 million in 2024, against total assets of AED 411 million — up from AED 388 million. Uganda recorded a NOPAT loss of AED 10 million, widening from a loss of AED 3 million in 2024, with assets at AED 75 million.
Kenya in the Group Context
Across the Group’s 13 markets, Kenya ranked fifth by revenue in 2025, behind the UAE, Saudi Arabia, Egypt, and Qatar. The UAE alone contributed AED 22,112 million — roughly 16 times Kenya’s revenue and accounted for the bulk of the Group’s AED 3,498 million total NOPAT.
Kenya’s NOPAT margin remains thin relative to revenue, reflecting the cost of operating in a competitive retail market where lease costs, logistics, and currency pressures weigh on operating returns. Total Group assets reached AED 70,960 million in 2025, with Kenya holding a 0.6% share.
Uganda Still Loss-Making
Uganda’s operating loss deepened in 2025, with NOPAT falling to negative AED 10 million from negative AED 3 million in 2024. Revenue grew only 5% to AED 150 million. The market’s asset base of AED 75 million is among the smallest in the Group’s portfolio, suggesting the Uganda operation remains at an early stage relative to the wider network.
