Dubai-based conglomerate, Majid Al Futtaim announced its half-year financial results on Monday. The group recorded a 5 percent increase in consolidated revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) growth of 13 percent year on year.
The company recorded a balance sheet with assets valued at approximately AED68 billion.
Majid Al Futtaim’s profitable growth journey
Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim – Holding, said: “Majid Al Futtaim is successfully balancing strategic growth with profitable and responsible execution. Our efforts to drive defined business objectives across our portfolio with a renewed focus on operational excellence and productivity are delivering sustainable, profitable growth and value to our stakeholders.
“The economic buoyancy of the UAE in conjunction with our internal focus to unlock the inherent power of our ecosystem, has enabled the Group to deliver a solid half-year performance. Majid Al Futtaim will continue to evolve, anchoring strategic choices in value-creation that support the evolving needs of our customers, colleagues and communities across the region,” he added.
Performance drive was attributed to UAE-based shopping malls and the Tilal Al Ghaf residential development.
Footfall at Mall of the Emirates was recorded at the highest ever for the first half with an increase of 12 percent. Tenant sales also saw an increase of seven percent.
In the company’s retail sector, five new stores were opened across the region including two hybrid concept stores in Egypt.
Majid Al Futtaim’s lifestyle business opened 11 new stores in the first six months of 2023, entering two new categories – luxury home and beauty. The first Shiseido store outside of Asia was unveiled by the company in May.
Overall, a net profit of AED1.7 billion was achieved in the first half of this year, an increase of 74 percent year-on-year.
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