Dubai-based Majid Al Futtaim reports 74% jump in H1 2023 net profit

Dubai-based Majid Al Futtaim reports 74% jump in H1 2023 net profit

Dubai-based retail conglomerate Majid Al Futtaim, which operates across the Middle East, Africa and Central Asia, on Monday reported a 74% year-on-year jump in H1 2023 net profit to 1.7 billion dirhams ($463 million).

The group, which is privately held, said in a statement on Monday that revenues for the period rose 5% to AED18.9 billion.

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 Lifestyle and Entertainment also delivered growth, registering 31% and 4% growth, respectively. Majid Al Futtaim Retail revenue declined by 2%, mainly due to currency devaluations in Egypt, Pakistan, Kenya and Lebanon.

Majid Al Futtaim owns 29 shopping malls in five countries, including the UAE and Egypt, and operates a portfolio of over 460 outlets. It also owns cinemas, leisure brands, retail fashion stores, properties, and hotels.

(Writing by Brinda Darasha; editing by Bindu Rai)

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