Majid Al Futtaim to focus on economic expansion

Alain Bejjani, chief executive officer of Majid Al Futtaim – Holding said on Wednesday that strong customer-focused strategy supported by unrivalled data and analytics capabilities has enabled Majid Al Futtaim to deliver sustained growth through H1 2022, as the company announced its audit reviewed operational and financial results for H1 2022.

"Our efforts have been further amplified by Mena’s steady progress in moving beyond post-pandemic recovery as we collectively turn our efforts toward economic expansion and regional prosperity," said Bejjani.

EBITDA rose 18 per cent to Dh1.9 billion, a result of the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale. The group continues to maintain a strong balance sheet with total assets valued at around Dh62.9 billion. Net borrowings stood at Dh11.2 billion.

Compared to 2021 figures, Majid Al Futtaim – Properties’ revenue rose 51 per cent to Dh2.4 billion, while EBITDA was up 27 per cent to Dh1.4 billion.

For the 11th consecutive year, the company’s credit rating has been maintained at ‘BBB’ with a stable outlook by both S&P’s and Fitch Ratings. The ratings reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance, and prudent financial management.

In its pursuit of being economically resilient during the second half of 2022, Majid Al Futtaim will continue to support sustainable economic development while adhering to a prudent financial management strategy.

Majid Futtaim Properties continues to make progress on its pipeline development projects, including Mall of the Emirates redevelopment and Mall of Saudi.