Dubai: Majid Al Futtaim, the Dubai-based retail operator, reported on Tuesday a 13 per cent year-on-year increase in group revenue in the first half of 2018 to Dh17.8 billion, driven by expansion efforts.
Al Futtaim, which does not disclose full financial statements, said its earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the first six months of the year rose 4 per cent to Dh2.1 billion. Its assets are valued at around Dh60.7 billion.
The increase in revenues was largely due to expansion and diversification efforts, as the company continued to invest to boost customer experience and data capabilities.
Alain Bejjani, chief executive officer of Majid Al Futtaim — Holding, said the results in the first half show growth “in the midst of challenging market conditions.”
“We remain committed to delivering our growth plans, keeping our financial discipline, and maintaining careful risk management, while providing exceptional customer experience,” he said in a statement.
During the first half of 2018, Majid Al Futtaim expanded in its existing markets and launched operations in new ones.
The company inaugurated its first VOX Cinemas multiplex theatre in Saudi Arabia following the lifting of a 40-year ban on cinemas in the kingdom.
