Majid Al Futtaim’s revenue hits AED 18bn in 6M

Majid Al Futtaim’s revenue hits AED 18bn in 6M

Majid Al Futtaim’s revenue grew 13% year-on-year in the first six months of 2018, recording AED 17.8 billion.

The Dubai-based shopping malls, retail, and leisure group stated that its earnings before interest, tax, depreciation and amortisation (EBITDA) also rose to AED 2.1 billion in H1-18, 4% up compared to the year-ago period, according to a company statement.

“Our financial results in the first half of the year demonstrate continued growth in the midst of challenging market conditions,” the group’s CEO Alain Bejjani commented.
Majid Al Futtaim’s assets stood at around AED 60.7 billion, while the group’s net debt registered around AED 11.1 billion during the same period.

“Our resilience is strengthened by strategic investments that will future-proof our business and people for the changing world around us,” Bejjani said.

The group has seen a very successful year with the opening of new malls and cinemas in the GCC.

 
-Mubasher