Majid Al Futtaim H1 revenue up 13pc

Dubai : Majid Al Futtaim, communities, retail and leisure pioneer across MENA, announced its financial results for the first six months of the year, with overall group revenue rising by 13 per cent to AED17.8 billion and EBITDA growing by 4pc to AED2.1 billion. Profit, according to the company, has been largely driven by the group’s expansion and diversification efforts.  Assets are valued at approximately AED60.7bn, with a net debt of around AED11.1bn. 

Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, said: “Our financial results in the first half of the year demonstrate continued growth in the midst of challenging market conditions.” During H1 2018, Majid Al Futtaim further expanded its portfolio through new market entries while continuing its growth in existing markets. 

In a milestone achievement, the company inaugurated its first VOX Cinemas multiplex theatre in Saudi Arabia following the lifting of a 40-year ban on cinemas in the Kingdom. This comes as part of an ambitious plan to open 600 screens in Saudi over the coming five years. Majid Al Futtaim – Retail added 12 stores, growing its presence to 243 outlets across the Middle East, Africa and Asia. Majid Al Futtaim’s portfolio of malls across the region grew to 23 destinations with the opening of two new shopping malls, My City Centre Al Dhait in the UAE and My City Centre Sur in Oman. The hotel portfolio increased to 13 properties following the addition of Aloft City Centre Deira.