“This was mainly due to the impact of challenging market conditions on revenue per available room (RevPAR) in the hotels business, despite outperforming the market in Dubai and a 3 per cent increase in room occupancy across the portfolio,” the company said in a statement. The continued focus on operational excellence resulted in a margin uplift, while the company’s operational cash flow was 132% of EBITDA. The group was established by Majid Al Futtaim in 1992. Media Centre. Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. The ratings reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance, and prudent financial management. © Al Nisr Publishing LLC 2021. “In line with our core values and responsibility towards the environment, sustainability remains a top priority for Majid Al Futtaim. Majid Al Futtaim’s 2019 revenue hits $9.58bn. With three new shopping malls added as well as the revitalisation of existing assets, visitor figures increased by 4% year on year to 200 million while the total occupancy of shopping malls remained strong at 93%. Securing a low risk ESG rating, issuing the world’s first benchmark corporate Green Sukuk, and committing to phase out single use plastic from our operations were milestone moments in our sustainability journey.”. Bejjani said that the UAE’s retail economy is now “coming back quite strongly” and by mid-2021 “we should be back to 2019 levels.” Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. The Outlook is Stable. After Uganda, Carrefour will soon have its first store in Uzbekistan, with plans for new markets in Central Asia and Africa. VOX Cinemas will continue its expansion drive in Saudi Arabia in line with its plan to open 600 screens in the country by 2023. UAE-based Majid Al Futtaim (MAF), which operates the Carrefour banner in 16 countries as of February 2020, has reported full year results for its 2019 financial year. Alain Bejjani, CEO of Majid Al Futtaim - Holding, said that, in 2019, the company advanced diversification efforts by entering new countries and expanding footprint in priority markets, while maintaining strong financial discipline across its portfolio. Alain Bejjani, CEO of Majid Al Futtaim Holding, expects the UAE's retail economy to be back at 2019 levels by the middle of next year The United Arab Emirates had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. You expressly agree that your use of the information within this article is at your sole risk. During the year, the company refinanced existing debt through two Green Sukuk issuances totalling USD1.2 billion, with the initial issue being the world’s first benchmark size corporate Green Sukuk. This section is about Living in UAE and essential information you cannot live without. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion … Majid Al Futtaim is one of the leading drivers of economic growth and impact in the Middle East and North Africa and is a leading foreign direct investor and a catalyst for the region’s economy. Hamid Sidine named Chief Operating Officer of Millennium Hotels and Resorts MEA, Norton Rose Fulbright appoints Mohammed Paracha as Head of Middle East, Rami Z. 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MAF has more than … Majid Al Futtaim - Properties registered a decline of three per cent in revenue and one per cent in EBITDA in the first six months of 2019, standing at Dh2.1 billion and Dh1.5 billion respectively. The retail division was boosted by a “margin uplift”. The first method is decreasing prices to attract several new customers (Guth & Ginseberge, 1990). Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. The company said its balance sheet remained strong with borrowing unchanged and total assets valued at Dh63 billion. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. They were placed on your computer when you launched this website. Despite a reduction in discretionary spend and basket size due to weaker consumer sentiment, Majid Al Futtaim – Retail recorded a revenue growth of 1%, standing at AED28.1 billion for 2019, while EBITDA increased by 2% to AED1.4 billion. 3 3 IN H1 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS Revenue increased 1% to USD 4.9B EBITDA increased 1% to USD 0.6B Cashflow from Operations to EBITDA at 115% Issued USD 600M inaugural … Integrated lifestyle giant Majid Al Futtaim, owner of brands such as VOX Cinemas and Mall of the Emirates announces its green strategy, a commitment to sustainable business and a circular economy. Compared to 2018 figures, Majid Al Futtaim – Properties’ EBITDA was unchanged at AED3 billion, while revenue decreased by 1% to AED4.6 billion. 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New Flagship Community in Dubai. Have news to share? Majid Al Futtaim continued its digital transformation journey, advancing capabilities in data and analytics, technology and online customer experience. 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. Majid Al Futtaim (Arabic: ماجد الفطيم ) is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries . We’ll send you latest news updates through the day. This website uses cookies to improve your online experience. The Majid Futtaim Holding Group, which was estimated to have $9.6 billion in revenues in 2019, specifically targets consumers in the Middle East and North Africa (MENA). Find Out More. EBITDA increased by 16 percent to AED1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. Muscat: Retail giant Majid Al Futtaim posted an eight per cent growth in group revenue in 2018, the company's preliminary and unaudited operational and financial results have shown. Majid Al Futtaim’s performance was further bolstered by its continued focus on operational excellence and its agile approach to challenging market conditions and digital disruption. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The company will also continue to increase the number of stores in its key markets and scale up its ecommerce capacity to meet growing online demand, through innovative fulfilment solutions in the UAE and Saudi Arabia, in particular. My City Centre Masdar in Abu Dhabi Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. The Carrefour business continued to expand with 12 hypermarkets and 30 supermarkets added to the portfolio in 2019, with a significant focus on Egypt. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. While revenue was driven by new store openings in Egypt, in particular, EBITDA decreased by 1% to AED603 million compared to the same period in 2018. EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. The owners of Carrefour supermarket have sued Kenya Revenue Authority over Sh500 million tax demand. “With online retail gaining increased traction in core markets, both Carrefour and VOX Cinemas doubled the value of their digital sales compared to 2018,” the company added in a statement. Majid al Futtaim Group swung to a net loss during the first half of 2019 as it suffered a Dh860 million writedown on the value of its land and property portfolio. Majid Al Futtaim – Retail: Despite a reduction in discretionary spend and basket size, Majid Al Futtaim – Retail recorded flat revenue growth, standing at AED14.6 billion in the first six months of the year. UAE-based Majid Al Futtaim (MAF), which operates the Carrefour banner in 16 countries as of February 2020, has reported full year results for its 2019 financial year. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. The company said revenue at its retail division rose by 1% to AED28.1 bn (US$7.6 bn), while EBITDA rose by 2% to AED1.4 bn (US$381.1m). Fitch Affirms Majid Al Futtaim LLC at 'BBB'; Outlook Stable Thu 28 Nov, 2019 - 9:28 AM ET Fitch Ratings - London - 28 Nov 2019: Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. The retail division provided the bulk of the revenues, at Dh28.1 billion, which is a 1 per cent increase on 2018. View Majid Al Futtaim in 2019 Driving Digital Transformation in a Digital World.pdf from MBA 12BM at SP Jain School of Global Management. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. The company’s credit rating has been maintained at ‘BBB’ with a stable outlook by both Standard & Poor’s and Fitch Ratings. Majid Al Futtaim records Dh35b 2019 revenue Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint Published: February 24, 2020 10:25 Staff Report “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. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion, respectively. Majid Al Futtaim’s 2019 revenue hits $9.58bn 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. The Middle … Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Both on your website and other media. Majid Al Futtaim – shopping mall, communities, retail and leisure operator across Continue Reading Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Majid Al Futtaim Hypermarkets Limited objects to the money being demanded. Key Highlights: Group revenue increased by 1% year-on-year to AED35.2 billion Increased EBITDA by 1% to AED4.6 billion Opened 300th Carrefour store and expanded geographical footprint to 16 countries with entry to Uganda Scaled VOX Cinemas’ presence in Saudi Arabia with 78 new screens added Added two new regional shopping malls in Egypt and Oman […] Please share your email address and tell us a bit about yourself to stay connected to opportunities and … The company opened two new regional malls; City Centre Sohar in Oman and City Centre Almaza in Egypt, as well as its first mall in Abu Dhabi, My City Centre Masdar. The company’s long-term commitment to Egypt and Saudi Arabia has been rewarded as economic and social reforms have created new opportunities for VOX Cinemas and Carrefour to expand across both countries. 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our The company reported a loss to its owners of Dh448m for the year to June 30, compared to a profit of Dh446m in the same period last year. “We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success.”. SHARE allows Majid Al Futtaim customers to earn and burn points in real time, at all 2,300 outlets in its 17 shopping malls and 11 hotels in the UAE, and has already reached more than one million members. You can manage them any time by clicking on the notification icon. This has come about “despite a reduction in discretionary spend and basket size due to weaker consumer sentiment,” a statement added. For instance, prices are modified to suit many consumers' interests according to their capabilities in the shopping malls and hotels. and The Majid Al Futtaim Retail Business School also opened in the UAE, providing functional, commercial and on-the-job training for Carrefour employees. Dubai-based retail giant Majid Al Futtaim (MAF) has reported largely flat results for the first half of 2019, with a 1 percent increase in revenue leading to a similar increase in earnings for the six-month period. Its properties’ division, which houses all the malls and hotels in the portfolio, pulled in EBITDA (earnings before interest, tax, depreciation and amortisation) of Dh3 billion, unchanged from 2018. In 2020, Carrefour will open its first store in Uzbekistan, with plans for further expansion to new markets in Central Asia and Africa. Majid Al Futtaim (Arabic: ماجد الفطيم) is an Emirati billionaire businessman, the founder, owner and president of the Majid Al Futtaim Group, an Emirati real estate … Majid Al Futtaim says its shopping malls welcomed 192 million customers during the year, a 4% increase Alain Bejjani, CEO of Majid Al Futtaim Holding. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. Founded in 1992, Majid Al Futtaim is a leading shopping mall, retail and leisure pioneer in the Middle East and North Africa (MENA).
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