UAE retail giant Majid Al Futtaim, which operates across the Middle East, Africa, and Central Asia, reported a rise of 18% in pre-tax earnings. While the earnings before interest, taxes, depreciation, and amortization in the first half of 2022 amounted to $517 million (AED1.9 billion), revenue rose by 15% to over $490 million.
According to a statement, the group, which owns cinemas, retail fashion stores, and hotels, continues to benefit from a sustained post-pandemic rebound in consumer confidence, as evidenced by increased shopping mall footfall, hotel occupancy rates, and admission to its cinemas, leisure, and entertainment venues.
As compared to 2021, revenue for Majid Al Futtaim properties soared 51% to over $6.5 billion. While retail registered a 9% growth in revenue, Majid Al Futtaim – LEC registered a 56% increase, and Majid Al Futtaim – Lifestyle registered a 42% rise.
“A strong, customer-focused strategy supported by unrivaled data and analytics capabilities has enabled Majid Al Futtaim to deliver sustained growth through H1 2022. Our efforts have been further amplified by MENA’s steady progress in moving beyond post-pandemic recovery as we collectively turn our efforts toward economic expansion and regional prosperity,” said Alain Bejjani, chief executive officer of Majid Al Futtaim – Holding, in a statement.
“While our region is not immune to building global inflation and supply chain pressures, Majid Al Futtaim remains optimistic towards the broader economic outlook,” added Bejjani.
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