The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, announced continued financial growth throughout its business during the first six months of the year, with overall group revenue expanding by 4 percent to AED15.7 billion and EBITDA increasing by 4 percent to AED2.0 billion.
At constant FX rates, overall group revenue would have grown by 12 percent and EBITDA by 9 percent. The difference can be largely attributed to the EGP devaluation that occurred in the last quarter of 2016. The company continues to maintain a strong balance sheet with total assets valued at around AED 56.1 billion and a net debt of around AED 9.6 billion.
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, commented on the company’s financial performance during the first half of 2017, saying, “Majid Al Futtaim continued demonstrating strength and resilience against a backdrop of regional economic challenges. We remain focused on our strategic direction, while anticipating market changes, working smarter, competing effectively and celebrating milestones. Our aim is to build on our rich heritage, customer centricity and market knowledge by creating and developing a technology-driven business that will future-proof our organization, delivering greater value for our customers and stakeholders,†he said.
Majid Al Futtaim’s acquisition of Retail Arabia was a major milestone this year, one that further cements Carrefour’s position as the largest grocery retailer in the region. Through both organic and inorganic growth, the company says that it continues to pursue opportunistic acquisitions in line with its disciplined strategic and financial approach.
Majid Al Futtaim also invested in Fetchr, a ‘last mile delivery’ start-up. Fetchr powered innovative hands-free shopping services are already in operation at Mall of the Emirates and allows customers to drop off their purchases at designated points around the mall and collect them later or have them delivered directly to their home.
Majid Al Futtaim advanced its sustainability commitments by becoming the first private sector organisation in the Middle East to launch a Net Positive strategy, which aims to reduce water consumption and carbon emissions to the extent that
our company puts more back into the environment than it takes out by 2040.