Majid Al Futtaim group H1 2017 revenues up by 4%
Majid Al Futtaim group has announced continued financial growth throughout its businesses during the first six months of this year
Majid Al Futtaim group has announced continued financial growth throughout its businesses during the first six months of this year.
The overall group revenue expanded by 4% to $4.27bn and EBITDA increased by 4% to $544.51m during this period, the company said in a press announcement.
“Majid Al Futtaim continued demonstrating strength and resilience against a backdrop of regional economic challenges,” said Alain Bejjani, chief executive officer, Majid Al Futtaim Holding.
The firm's’s acquisition of Retail Arabia is a major milestone and consolidates Carrefour’s position as the largest grocery retailer in the region, the statement added.
Majid Al Futtaim Properties continued its expansion during the first half of 2017, reporting an increase in revenue of 4% to $626.2m, while EBITDA rose by 5% to $408.4m, contributing around 72% of the group’s EBITDA.
During the year, the company welcomed 91 million customers, an 8% increase compared to the first half of 2016.
Construction has commenced at City Centre Al Zahia in Sharjah, Mall of Oman and City Centre Sohar in Oman, and My City Centre Al Dhait in Ras Al Khaimah.
On the development side, Majid Al Futtaim Properties is progressing well on its expansion plans with 13 projects across Saudi Arabia, Oman, the UAE, Lebanon and Egypt.