Majid Al Futtaim recorded 6% year-on-year (YoY) lower consolidated revenues at AED 16.70 billion in the first half (H1) of 2024, according to a press release.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped by 2% to AED 2.10 billion in H1-24. The net profits after tax retreated by 6% YoY to AED 1.60 billion.

Ahmed Galal Ismail, CEO of Majid Al Futtaim – Holding, said: “Majid Al Futtaim’s first half-year results continue to underscore the strength of our diversified portfolio, protecting overall profitability despite the challenges within some of our current operating environments.”

“Majid Al Futtaim Properties delivered a record performance, driven by the success of UAE-based shopping malls and strong consumer confidence in Majid Al Futtaim’s Tilal Al Ghaf and newly launched Ghaf Woods residential developments,” Ismail added.

Majid Al Futtaim Properties registered an annual growth of 9% in revenues to AED 3.70 billion, mainly driven by Tilal al Ghaf residential real estate development.

The group continued to drive sales across its residential community portfolio, booking AED 5.90 billion in gross sales during the first six months (6M) of 2024.

The Lifestyle business reported an increase in revenue by 23% to AED 584 million and added eight new stores in H1-24, with a total of 78 stores across the region.

Majid Al Futtaim Retail posted an 11% YoY decline in revenue to AED 11.60 billion and a 47% YoY plunge in EBITDA to AED 278 million.

Retail Digital achieved 16% YoY higher revenues at AED 1.30 billion in H1-24, while the EBITDA hiked by 109% YoY, turning positive for the first time.

As of 31 December 2023, Majid Al Futtaim generated consolidated revenue valued at AED 34.50 billion.

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