São Paulo – The company Majid Al Futtaim, based in Dubai, United Arab Emirates, said its revenue grew by 8% last year over the previous one. It reached AED 34 billion (USD 9.42 billion) according to numbers published on Wednesday (30) at the local news website Arabian Business.
The company operates in several segments, specially in retail, and owns the Carrefour brand in the region, with more than 200 units in the Middle East, Asia and Africa. The company also developed and operates more than 20 shopping malls and owns several other businesses such as hotels, fashion retailers, movie theaters, restaurants, and in the financial sector.
According to numbers reported by the company, there was also a 9% increase in EBITDA (earnings before interest, taxes, depreciation, and amortization), which reached AED 4.6 (USD 1.2 billion). Total assets were valued at AED 60.4 billion (USD 16.4 billion) with a net debt of around AED 12.6 billion (USD 3.4 billion).
The company also said its financial growth was driven by expansion and diversification efforts across various regions and by adopting a culture of operational excellence that promotes cost optimization and efficiency. The company also opened new malls last year, in the UAE and Oman, and grew its hotel and retail store portfolio.
Majid Al Futtaim Holding CEO Alain Bejjani said: “2018 has been a year of growth for our company, despite the macroeconomic challenges that affected consumer sentiment,” stressing the great results were generated by diversifying its offering and geographical presence, as well as a commitment to customer centricity and technology investments.
Majid Al Futtaim Properties, which includes malls, registered a 1% revenue growth last year. The company shopping malls received 192 million customers, a 4% increase, while total shopping mall occupancy stood at 95%, according to Arabian Business. The retail branch posted an 8% revenue increase – Carrefour brand alone opened 33 new units.
Translated by Guilherme Miranda
