Majid Al Futtaim records Dh17.9b in revenues

Dubai: With the region’s consumers remaining “cost-conscious”, the Majid Al Futtaim group recorded a 1 per cent gain in revenues to Dh17.9 billion in the first six months. The period saw the retail and entertainment focussed business add 65 VOX cinema screens to its network as well as 19 Carrefour stores and two shopping malls.

The group’s net borrowings at the end of the first six months was around Dh12.8 billion. Assets were up 7 per cent to about Dh64 billion. “The strength and durability of our business has been a key factor in our financial performance for the first-half of 2019, demonstrating the importance of geographic and business model diversification,” said Alain Bejjani, CEO of Majid Al Futtaim – Holding.

Second-half additions

A new mall – the City Centre Almaza – will open in East Cairo, while the first Carrefour in Uganda is also scheduled for later this year. “Majid Al Futtaim – Retail will continue to open new stores in existing markets, including the addition of 12 new Carrefour stores in Egypt by the end of 2019,” it said in a statement.

There will also be “lifestyle rewards programme to provide customers with the opportunity to earn and burn points across the company’s portfolio of brands and assets”.

Revenue mix

In the first-half, revenues from its properties division was down 3 per cent to Dh2.1 billion. Its mall network pulled in more than 100 million visitors during the period, while overall occupancy levels were a robust 93 per cent. There are now 25 malls operational in the group portfolio, with City Centre Suhar in Oman and My City Centre Masdar in Abu Dhabi being the latest.