Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Majid Al Futtaim H1 EBIDTA $517m

Majid Al Futtaim operates across the Middle East, Africa and Central Asia. (Pic Twitter Majid Al Futtaim)
  • Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
  • The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.

Emirati retail conglomerate Majid Al Futtaim reported on Wednesday an 18 percent rise in EBITDA to AED1.9 billion ($517 million) and a 15 percent increase in revenue to AED18 billion.

The group, which operates across the Middle East, Africa and Central Asia said it registered “strong performance across hotels, shopping malls and communities driven by the ‘EXPO effect’”. The group did not disclose the net profit figure.

In a statement, Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.

Chief Executive Officer Alain Bejjani said, “A strong, customer-focused strategy supported by unrivalled 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.”