Majid Al Futtaim announces H1’23 results, reports 74% YoY rise in net profit

Majid Al Futtaim announces H1’23 results, reports 74% YoY rise in net profit

Image: Majid Al Futtaim

Retail giant Majid Al Futtaim has announced its operational and financial results for H1 2023.

The group reported a 5 per cent increase in consolidated revenue to Dhs18.9bn, and earnings before interest, taxes, depreciation and amortisation (EBITDA) growth of 13 per cent year-on-year to Dhs2.1bn.

It also reported a healthy balance sheet with assets valued at approximately Dhs68bn.

Ahmed Galal Ismail, CEO, Majid Al Futtaim – Holding, said: “Majid Al Futtaim is successfully balancing strategic growth with profitable and responsible execution. Our efforts to drive defined business objectives across our portfolio with a renewed focus on operational excellence and productivity are delivering sustainable, profitable growth and value to our stakeholders.

“The economic buoyancy of the UAE in conjunction with our internal focus to unlock the inherent power of our ecosystem, has enabled the group to deliver a solid half year performance. Majid Al Futtaim will continue to evolve, anchoring strategic choices in value-creation that support the evolving needs of our customers, colleagues and communities across the region.”

Our strong H1 2023 financial results show growth across our businesses. Net profit for the group has risen by 74% year on year to AED 1.7 billion, driven by the success of recent initiatives