Search Site

Trends banner

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Majid Al Futtaim profit down 2%

Majid Al Futtaim operates across the Middle East, Africa and Central Asia. (Pic Twitter Majid Al Futtaim)
  • Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
  • Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.

Dubai, UAE – Majid Al Futtaim Monday posted a net profit of AED2.4 billion ($653 million), which is 2 percent less than the previous year’s results.
The Group reported a 12 percent increase in consolidated revenue to AED 36.3 billion and EBITDA by 4 percent to AED 4.1 billion, driven by the Group’s “solid operational performance and relentless focus on improving the customer experience through investments in digital transformation, data analytics and loyalty programs”.
Majid Al Futtaim Properties’ revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion, driven by a “robust performance across the hotels and communities’ businesses”.
Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence, the easing of COVID-19 restrictions, and a rebound in travel and tourism in countries where Majid Al Futtaim operates. Retail EBITDA declined 14 percent to AED 1.2 billion.

Majid Al Futtaim – Entertainment revenue increased 23 percent to AED 1.6 billion while EBITDA grew 68 percent to AED 126 million, primarily due to improved performance following the relaxation of occupancy restrictions and the release of strong movie content.
Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, said, “Overall, Majid Al Futtaim delivered balanced growth through 2022. Positive contributions from across our portfolio, bolstered by the inherent strength of the UAE economy.”