Majid Al Futtaim announces half year financial results

Majid Al Futtaim announces half year financial results

Key Highlights:

Reported a 13% increase in EBITDA to AED 2.1 billion and a 5% increase in revenue to AED 18.9 billion in H1 2023, demonstrating the success of strategic initiatives to drive operational efficiency and profitability over the first half.

Achieved net profit of AED 1.7 billion, an increase of 74% year-on-year.

Majid Al Futtaim – Properties delivered 39% net revenue growth to AED 3.4 billion and a 22% EBITDA increase to AED 1.7 billion, aided by a rise in mall footfall, tenant sales and scale up of the residential business.

Majid Al Futtaim – Retail digital sales revenue increased 13% over the first half of the year.

Majid Al Futtaim – Entertainment expanded its Global Snow business, opening Snow Abu Dhabi, the capital’s first indoor snow park and the Group’s fourth indoor snow park.

Issued USD 500 million Green Sukuk underscoring the Group’s commitment to sustainable financing opportunities.

In June 2023, the Mall of the Emirates was presented with a LEED Platinum Award for Operations and Maintenance following its certification in late 2022, making it the largest mall in the world to receive such certification.

Maintained BBB credit rating in latest Standard & Poor’s (S&P) and Fitch Ratings reports.

Dubai, United Arab Emirates: Majid Al Futtaim (“the