UAE-based Majid Al Futtaim’s revenues have risen 13 percent year-on-year to AED 17.8 billion ($4.85 billion) in the first six months of 2018, the company announced on Tuesday.
In preliminary financial results, MAF noted that Earnings before interest, taxes, depreciation, and amortisation (EBITDA) also rose 4 percent to AED 2.1 billion ($571.7 million). The group’s assets are valued at AED 11.1 billion ($3.02 billion).
“Our financial results in the first half of the year demonstrate continued growth in the midst of challenging market conditions,” Majid Al Futtaim CEO Alain Bejjani.
“Our resilience is strengthened by strategic investments that will future-proof our business and people for the changing world around us.”
Bejjani added that the company remains “committed to delivering on our growth plans, keeping financial disciple and maintaining careful risk management, while providing exceptional customer experiences.”
According to the results, Majid Al Futtaim – Properties registered revenue growth of 1 percent in H1 2018 to AED 2.3 billion ($626.1 million), while EDITDA rose by 1 percent to AED 1.5 billion ($408.3 million), representing nearly 70 percent of overall group EBITDA.
The company’s shopping malls, the statement added, 98 million visitors in H1 2018, 4 percent more than the same time period in 2017. Overall mall occupancy stood at 94 percent, slightly impacted by the ongoing ramp of Mall of Egypt, while the company’s hotels reported average occupancy of 75 percent and continued to experience a decline in RevPar, in line with wider market trends.
Majid Al Futtaim – Retail, for its part, reported a revenue increase of 15 percent to 14.6 billion ($3.97 billion) as well as an increase of 11 percent to AED 600 million ($163.35 million), while Majid Al Futtaim – Ventures revenue increased by 13 percent to AED 1.5 billion ($408.3 million) including joint ventures and associates.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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