Majid Al Futtaim announced AED 15.6 billion ($4.2 billion) in revenues for the first six months of 2021, marking a 10 percent decline from the same period last year.
It reported a post-tax net profit of AED 662 million ($180.2 million) and AED 1.6 billion ($435.5 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA), a 2 percent boost from 2020.
“Despite the prolonged impact of the COVID-19 pandemic, Majid Al Futtaim has delivered a robust performance over the first half of the year, driven by prudent financial management and a diversified portfolio,” Chief Executive Officer of Majid Al Futtaim - Holding Alain Bejjani said.
Though the company continues to feel the impact of the pandemic, it is seeing encouraging signs of recovery across markets, Bejjani told Asharq Al-Awsat newspaper.
Bejjani told the newspaper that the first half of 2021 saw a growth in all sectors in which the company operates. This would be useful to the company in the future, he confirmed.
He further forecasts additional progress by the end of the year, with the upcoming Expo 2020 Dubai.
On another note, he pointed that Majid Al Futtaim is considering the development of new housing compounds in Saudi Arabia and Egypt.
Speaking about the challenges facing the economy, mainly the coronavirus pandemic repercussions, he stated that the next challenge after that is achieving economic recovery on the level of governments.
Majid Al Futtaim – Properties registered a 6 percent increase in revenue, standing at AED 1.6 billion ($435.5 million). Hotel revenue stayed flat versus last year at AED 147 million ($40 million).
The company opened 22 new Carrefour supermarkets and 2 hypermarkets across eight countries.
Further investments include dark stores and additional logistics and delivery capacity to accommodate online orders. Online orders were up 50 percent, and online sales were up 25 percent.
New investments include Mall of Saudi, with a value up to $4 billion. The project is set to break ground in Q4 this year.
Majid Al Futtaim – Retail says will continue its expansion across Egypt, Saudi Arabia, Kenya, Uganda, and Uzbekistan. It will also continue to invest and scale up its e-commerce capabilities.
Majid Al Futtaim – LEC will continue its expansion in Saudi Arabia, expecting to open a further 13 screens across the Kingdom through the remainder of the year. The number of screens in the country reached 141 by the end of June.
