Egypt and new markets underpin Majid Al Futtaim growth despite challenges – The National

Egypt and new markets underpin Majid Al Futtaim growth despite challenges – The National

Egypt and new markets underpin Majid Al Futtaim growth despite challenges. Company reports a 1% increase in revenue to Dh35.2bn last year. Earnings at Dubai's Majid Al Futtaim Group edged up 1 per cent in 2019 despite tough market conditions as the company benefited from double-digit sales growth in Egypt and moves into new markets.. The company's retail segment, its biggest business line that includes the regional franchise of France's hypermarket Carrefour, reported sales growth of 1 per cent to Dh28.1bn, as earnings climbed 2 per cent to Dh1.4bn.. "We don't have specific markets to announce but we will pursue [these] during the year," he said.. The company opened 78 new screens in the kingdom last year bringing the total to 82 - a number it is set to double this year, Mr Bejjani said, as it pushes ahead with a target to operate 600 screens in the market.. "2020 will see us also in Saudi Arabia opening in three new secondary cities.. There is great demand," Mr Bejjani said. ". The grocery retail market in the UAE grew 3.5 per cent last year to $17.4bn (Dh63.9bn), according to data from Euromonitor, with the overall retail market in the country