Majid Al Futtaim revenue rises 8% to $9bn in 2017
Majid Al Futtaim (MAF) group's revenue grew by 8% to $8.7bn (AED32.2bn) in 2017
Majid Al Futtaim (MAF) group's revenue grew by 8% to $8.7bn (AED32.2bn) in 2017.
The group's earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $1.14bn (AED4.2bn), with the company attributing the slower EDBITA growth to a change in business mix across the portfolio, with the food grocery retail sector growing at a faster rate than the higher margin properties businesses, Arabian Business reported.
Majid Al Futtaim CEO Alain Bejjani said: “Majid Al Futtaim’s diverse businesses and the markets in which we operate are experiencing rapid change and new innovations. At the same time, our region continues to face volatility, our competition is becoming global and the needs of our customers continue to evolve.
“Despite these challenges, we have delivered a solid performance as a result of a clear growth strategy, with unparalleled customer experiences and talent capability-building at its core. These pillars, along with our focus to become as prominent digitally as we are physically, will continue to drive our resilience and competitiveness.”
The company has total assets valued at $16.1bn (AED59.4bn) and a net debt of $2.8bn (AED10.4bn).
Majid Al Futtaim is on track to open three shopping malls in 2018, including My City Centre Al Dhait, which opened in January 2018, as well as City Centre Sohar and My City Centre Sur in Oman.