Majid Al Futtaim announces 2022 financial results

Majid Al Futtaim announces 2022 financial results

DUBAI, 6th March, 2023 (WAM) -- Majid Al Futtaim today announced its operational and financial results for 2022, demonstrating resilience despite increasing challenges in the form of inflation, supply chain pressures and energy shortages slowing global economic growth in 2022.

Majid Al Futtaim's consolidated revenue increased by 12 percent to AED 36.3 billion and EBITDA grew by 4 percent to AED 4.1 billion, driven by the Group's solid operational performance and relentless focus on improving the customer experience through investments in digital transformation, data analytics and loyalty programs. The Group reported a 2 percent decrease in net profit to AED 2.4 billion and continues to maintain a strong balance sheet, with assets valued at approximately AED 66 billion, up 9 percent year-on-year, and net borrowings of AED 14.2 billion.

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim – Holding, said, "Overall, Majid Al Futtaim delivered balanced growth through 2022. Positive contributions from across our portfolio, bolstered by the inherent strength of the UAE economy, have enabled the Group to achieve double digital revenue growth despite the ongoing macroeconomic challenges. The potential impact of these headwinds has been further lessened by the outstanding performance of our Properties portfolio, which has contributed 74