As consumer demand for digital and omnichannel experiences continues to accelerate Majid Al Futtaim Retail has also continued to leverage digital opportunities to invest, innovate and enhance its offerings to meet consumers’ evolving demands. Resultantly, Majid Al Futtaim Retail’s enhanced omnichannel offerings led to revenue growth in 2022.
With Carrefour in its portfolio Majid Al Futtaim Retail reported a 7% increase in revenue to AED28 billion in 2022 driven by renewed consumer confidence, easing of COVID-19 restrictions and rebound in travel and tourism in countries where it operates. However, retail EBITDA declined 14% to AED 1.2 billion.
The operating company has expanded its presence in the region opening seven hypermarkets and 28 supermarkets across nine countries and bringing the total number of stores to more than 450. On the other hand, Majid Al Futtaim Retail’s long-term investment in enhancing its omnichannel offerings contributed to revenue growth from digital sales by 51% year-over-year.
With a brand portfolio including lululemon, THAT Concept Store and many more Majid Al Futtaim Lifestyle reported revenue of AED801 million up 38% year-on-year driven by a strong performance across its brands.
While Majid Al Futtaim Entertainment’s revenues, with brands such as VOX Cinemas, Ski Dubai, Magic Planet and more, increased 23% to AED1.6 billion while EBITDA grew 68% to AED126 million. This is primarily driven by improved performance following the relaxation of occupancy restrictions and the release of strong movie content.
The signing of distribution rights with Warner Bros. Pictures which was followed by securing distribution rights for Universal in 14 countries in the MENA region starting February 2023 is expected to fuel further growth for Majid Al Futtaim Entertainment.
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