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.”