UAE Business: Majid Al Futtaim H1 EDITDA rises 18pc to $520m – Gulf Digital News

UAE Business: Majid Al Futtaim H1 EDITDA rises 18pc to $520m – Gulf Digital News

Majid Al Futtaim, a leading shopping malls, communities, retail and leisure pioneer, has seen its first-half (H1) EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) rise 18% to AED1.9 billion ($520 million). The group’s revenue for the period increased 15% to AED18 billion.

The revenue increase is attributed to a steady retail sector and leisure sectors recovery and EBITDA rise to the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale.

The group continues to maintain a strong balance sheet with total assets valued at around AED62.9 billion. Net borrowings stood at AED11.2 billion.

Customer-focused strategy

Alain Bejjani, Chief Executive Officer of Majid Al Futtaim – Holding, said: “A strong, customer-focused strategy supported by unrivalled data and analytics capabilities has enabled Majid Al Futtaim to deliver sustained growth through H1 2022. Our efforts have been further amplified by Mena’s steady progress in moving beyond post-pandemic recovery as we collectively turn our efforts toward economic expansion and regional prosperity.

“The growth delivered in the first half of the year is encouraging. While our region is not immune to building global inflation and supply chain pressures, Majid Al Futtaim remains optimistic towards the broader economic outlook. Our prudent financial