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Mall of the Emirates is a shopping mall in Dubai that is developed and owned by Majid Al Futtaim Group. People shop ahead of the holy month of Ramadan at the Mall of the Emirates in Dubai, United Arab Emirates, March 22, 2023. REUTERS/ Abdel Hadi Ramahi
Dubai-based retail conglomerate Majid Al Futtaim, which operates across the Middle East, Africa and Central Asia, on Monday reported a 74% year-on-year jump in H1 2023 net profit to 1.7 billion dirhams ($463 million).
The group, which is privately held, said in a statement on Monday that revenues for the period rose 5% to AED18.9 billion.
Majid Al Futtaim – Properties delivered 39% net revenue growth to AED 3.4 billion and a 22% EBITDA increase to AED 1.7 billion, aided by a rise in mall footfall, tenant sales and scale up of the residential business.
Majid Al Futtaim Lifestyle and Entertainment also delivered growth, registering 31% and 4% growth, respectively. Majid Al Futtaim Retail revenue declined by 2%, mainly due to currency devaluations in Egypt, Pakistan, Kenya and Lebanon.
Majid Al Futtaim owns 29 shopping malls in five countries, including the UAE and Egypt, and operates a portfolio of over 460 outlets. It also owns cinemas, leisure brands, retail fashion stores, properties, and hotels.
(Writing by Brinda Darasha; editing by Bindu Rai)
