Majid Al Futtaim has announced its preliminary and unaudited operational and financial results for the first six months of the year, with overall group revenue rising by 13% to AED17.8 billion and EBITDA growing by 4% to AED2.1 billion. The group’s assets are valued at approximately AED60.7 billion, with a net debt of around AED11.1 billion.
Majid Al Futtaim’s top-line financial growth has been largely driven by the group’s expansion and diversification efforts, alongside its ongoing focus on operational excellence across all operating companies and business units. Majid Al Futtaim continues its strategic investments to enhance customer experience and data & analytics capabilities, reinforcing its omnichannel offering across the portfolio, in addition to its significant investment in human capital.
“Our financial results in the first half of the year demonstrate continued growth in the midst of challenging market conditions. Our resilience is strengthened by strategic investments that will future-proof our business and people for the changing world around us. We remain committed to delivering on our growth plans, keeping our financial discipline and maintaining careful risk management, while providing exceptional customer experiences,” says Alain Bejjani, CEO, Majid Al Futtaim – Holding.
Majid Al Futtaim – Properties registered revenue growth of 1% in the first six months of 2018, primarily driven by its shopping malls business, arriving at AED2.3 billion. Majid Al Futtaim’s shopping malls welcomed 98 million visitors in the first half of the year, a 4% increase as compared to the first half of 2017. Total shopping mall occupancy stood at 94%, impacted by the ramp up of Mall of Egypt. Excluding Mall of Egypt, total occupancy of shopping malls remained strong at 96%.
Majid Al Futtaim – Retail generated strong revenue growth and concluded the first six months of the year at AED14.6 billion. Compared to the same period in 2017, revenue was up 15%, while EBITDA increased by 11 percent to AED600 million. Both were substantially driven by the acquisition of Retail Arabia in 2017. Thanks to the group’s diversification efforts, significant growth was seen in Kenya and Egypt, with revenue increasing 143% and 22%, respectively.
Majid Al Futtaim – Ventures’ revenue increased by 13% in the first six months of the year to AED1.1 billion. The diverse portfolio of cinemas, leisure and entertainment, fashion, consumer finance, food and beverage and facility and energy management reported an EBITDA increase of 2% to AED118 million.
During the first half of 2018, Majid Al Futtaim further expanded its portfolio through new market entries while continuing its growth in existing markets. In a milestone achievement, the company inaugurated its first VOX Cinemas multiplex theatre in Saudi Arabia following the lifting of a 40-year ban on cinemas in the Kingdom. This comes as part of an ambitious plan to open 600 screens in Saudi over the coming five years.
Majid Al Futtaim – Retail added 12 stores, growing its presence to 243 outlets across the Middle East, Africa and Asia. Carrefour signed an agreement with the Egyptian Ministry of Investment and International Cooperation to open up to 100 Carrefour stores in the country. In addition, Carrefour opened its largest distribution centre in the region which acts as a central receiving and quality control point, offering customers access to a wider range of products.
Majid Al Futtaim’s portfolio of malls across the region grew to 23 destinations with the opening of two new shopping malls, My City Centre Al Dhait in the UAE and My City Centre Sur in Oman. The hotel portfolio increased to 13 properties following the addition of Aloft City Centre Deira.
As part of its ongoing transformation efforts, Majid Al Futtaim continues to prioritise investment in advanced analytics, big data and new technologies. In addition to hiring data engineers and scientists, the firm has trained hundreds of its workforce as ‘analytics translators’ to turn vast amounts of data into actionable insights. These insights are helping Majid Al Futtaim improve the individual customer experience, make informed business decisions as well as benefitting retailers, brands and other partners.
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
UAE-based Al-Madina Group opened two new projects, Crown Mall and Mango Hypermarket,
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
UAE-based REDTAG has launched its latest retail outlet on at Doha’s City Center
UAE-based Carrefour has opened a new store at the world’s busiest international
The once powerful department stores that anchored malls and streets around the
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
A private helicopter carrying the chairman and managing director of Lulu Group,
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail