Majid Al Futtaim posts 12% growth in revenues; profit slips 2%

Majid Al Futtaim posts 12% growth in revenues; profit slips 2%

Retail’s online sales continued their growth trajectory reporting revenue increase from digital sales by 51% year-on-year; Visitor numbers to shopping malls increased by 16% while tenant sales rose by 11%

Majid Al Futtaim — Retail reported a seven per cent increase in revenue to Dh28 billion in 2022, driven by renewed consumer confidence, easing of Covid-19 restrictions, and rebound in travel and tourism.

Published: Mon 6 Mar 2023, 4:58 PM

Majid Al Futtaim on Monday said the group's operational and financial performance remained resilient despite increasing challenges in the form of inflation, supply chain pressures and energy shortages slowing global economic growth in 2022.

The leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa, and Central Asia, posted 12 per cent year-on-year growth in consolidated revenues to Dh 36.3 billion as the visitor numbers to shopping malls increased by 16 per cent while tenant sales rose by 11 per cent last year. However, the net profit dropped two per cent to Dh2.4 billion and the group continues to maintain a strong balance sheet, with assets valued at approximately Dh66 billion, up nine per cent and net borrowings of Dh14.2 billion.

Majid Al Futtaim's earnings before interest, taxes, depreciation, and amortisation (EBITDA)