Dubai's Majid Al Futtaim posts $4.9bn in H1 2019 revenue

The group added 19 Carrefour stores, two shopping malls, and 65 Vox Cinema screens to its portfolio in the first half of 2019

Majid Al Futtaim is a UAE conglomerate.
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Majid Al Futtaim is a UAE conglomerate.

Dubai-based conglomerate Majid Al Futtaim recorded $4.9bn (AED17.9bn) in revenues during the first half of 2019, which according to the company came despite tough market conditions and cost-conscious consumer behaviour.

In a statement, Majid Al Futtaim said earnings before interest, tax, depreciation, and amortisation (Ebitda) increased by 1% to reach $571.7m (AED2.1bn) in H1 2019.

Group assets for the first six months of 2019 were valued at $17.4bn (AED64bn).

Majid Al Futtaim Properties reported a 3% decline in revenues in H1 2019 to reach $571.7m (AED2.1bn).

The group said its half-yearly results were supported by the addition of 19 Carrefour stores, two shopping malls, and 65 Vox Cinema screens through its retail umbrella.

Half-year revenues at Majid Al Futtaim’s retail division remained flat at $4bn (AED14.6bn) during the period, driven by store openings in Egypt.

Majid Al Futtaim opened City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi — the company’s first shopping mall in the UAE capital — in H1 2019.

Revenues at Majid Al Futtaim Ventures jumped by 16% to reach $353.9m (AED1.3bn) in the same period, driven largely by the expansion of Vox Cinemas in Saudi Arabia, where it opened 49 screens.

Earlier this month, Majid Al Futtaim revealed that construction work on its Mall of Oman was on track, with launch expected in March 2021.

Commenting on the results, chief executive officer of Majid Al Futtaim, Alain Bejjani, said: “The strength and durability of our business has been a key factor in our financial performance for the first half of 2019.”

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