majid al futtaim revenue

Majid Al Futtaim sees stark differences during first half. These openings pave the way for the company to fulfil its ambitious plan to open 600 screens in the Kingdom by 2023. The company remains fully committed to the markets in which it operates whist striving to bring the right product to market at the right time to deliver maximum value for customers and tenants. VOX Cinemas continued its successful expansion across the region with 52 new screens added to reach 353, including in Egypt, Bahrain and Kuwait where the business strengthened its core presence. Dubai-based retail giant Majid Al Futtaim on Wednesday said group revenue grew by 8 percent reaching AED34.6 billion ($9.42 billion) in 2018 compared to the previous year. Built on trade and tourism in a region reliant on oil, Dubai was hardest hit in the Gulf Arab region as both industries stumbled amid the pandemic. In 2018, Majid Al Futtaim Retail made significant strides on its digital agenda. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. Majid Al Futtaim has 42,000 employees across 2 locations. The company celebrated the opening of two new shopping malls in the UAE and Oman, grew its hotel portfolio to 13 assets and added 33 grocery retail stores, growing its portfolio to 264. In its results, its Retail division was a bright spot, with Majid Al Futtaim Retail reporting a rise in revenue and EBITDA. During 2018, Majid Al Futtaim continued to pursue investment opportunities to enhance its digital capabilities and deliver a seamless omni-channel customer experience, while expanding its physical footprint. The ratings. Of the 600 screens committed to Saudi Arabia by 2023, Majid Al Futtaim has already opened 53. Fitch Ratings and Standard & Poor’s have reaffirmed the company’s credit rating at ‘BBB’ with a stable outlook, for a seventh consecutive year, reiterating its credit strengths such as the resilience of its business model, quality of assets, strong corporate governance and prudent financial management. Compared to the same period in 2017, revenue was up 15 percent, while EBITDA increased by 11 percent to AED600 million. Find Out More. Majid Al Futtaim deploys capital in a prudent and measured fashion to support the sustainable growth of the organisation, with a focus on geographic diversification in its core businesses. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region. The company’s shopping malls welcomed more than 100 million visitors in the first half of the year, while the total occupancy of shopping malls remained strong at 93%. Majid Al Futtaim Ventures: Majid Al Futtaim Ventures’ revenue increased by 15% in 2018 to AED 2.4 billion (AED 3.2 billion including joint ventures and associates). During H1 2019, Majid Al Futtaim continued the expansion of its core businesses across the region with the addition of 19 new Carrefour stores, two new shopping malls, and 65 new VOX Cinemas screens. The diverse portfolio of cinemas, leisure and entertainment, fashion, consumer finance, food and beverage and facility and energy management reported an increase in EBITDA of 24% to AED 319 million, driven by cinemas and growth from new sites. the opening of City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi, which is the company’s first shopping mall in Abu Dhabi and the capital’s most sustainable mall. Revenue EBITDA Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) MAJID AL FUTTAIM HOLDING (Rated BBB/BBB) MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM RETAIL VENTURES Shopping Malls Hotels Communities Project Management Mr. Majid Al Futtaim (Founder) Mr. Tariq Al Futtaim MAJID AL FUTTAIM CAPITAL LLC Carrefour Cinemas L&E Finance Fashion Gourmet Gulf (JV) … Majid Al Futtaim’s shopping malls welcomed 192 million customers during the year, a 4% increase, as compared to 2017. During 2019, Majid Al Futtaim further expanded its offering across geographies, while enhancing its digital capabilities and investing in human capital. Of the 600 screens committed to Saudi Arabia by 2023, Majid Al Futtaim has already opened 53. For more information, refer to our Privacy Policy. Majid Al Futtaim Group's revenue falls 3% YoY to $4.7bn in H1 2020 [representational image] by Anup Oommen. Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint. Majid Al Futtaim closed 2018 with a solid financial and liquidity position covering its net financing needs for more than the next 3 years through its cash and available committed lines. In addition, the company’s hotel portfolio grew to 13 hotels with the launch of Aloft City Centre Deira in Dubai bringing residents and visitors a one-of-a-kind movie-themed suites experience. The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. Media Centre. The United Arab Emirates, of which Dubai is a part, had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. It owned and operated twelve hotels as of 2015. In addition to iconic leisure and entertainment facilities such as Ski Dubai, iFly Dubai and Ski Egypt, among others. In total, VOX Cinemas opened 65 new screens across the region during the first half of the year. Majid Al Futtaim Properties develops, owns and manages shopping malls and hotels throughout the MENA region. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at $408.3 million and $299.4 … Majid Al Futtaim Retail: Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED 28.0 billion, an 8% increase compared to 2017, driven by the addition of new stores. New Flagship Community in Dubai. Azadea is Majid Al Futtaim's biggest rival. The hotels side of the business also took a hit as a result of the closures and reduced demand due to travel restrictions, with occupancy down 41 percent. The Company is parent to the consumer finance company 'Najm', and a Fashion and Home retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. The group’s assets increased 7% to approximately AED64 billion, on account of the introduction of IFRS16. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures, recorded an increase of 16% in both revenue and EBITDA, in the first six months of the year, with revenue standing at AED1.3 billion and EBITDA at AED137 million. City Centre Almaza will soon open in East Cairo and is set to become one of the favoured destinations for shopping and entertainment, redefining the shopping landscape with a unique environment for visitors. During the first six months, Carrefour more than doubled the total number of online transactions completed during full year 2018. In March 2018, the company issued a USD400 million corporate hybrid to replace its inaugural hybrid issued in 2013, which was redeemed in October 2018. The shopping mall portfolio grew to 25 destinations, with. VOX Cinemas strengthened its market share in Saudi Arabia, driving forward its pioneering expansion in the Kingdom with the launch of 49 new screens. The 10-year USD 600 million issuance will be used to finance Majid Al Futtaim’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency. Majid Al Futtaim Properties celebrated the opening of My City Centre Al Dhait in Ras Al Khaimah, UAE, its first investment into the Emirate’s fast-growing community, and My City Centre Sur, Majid Al Futtaim’s first community mall in Oman. Want to be the first to hear about career opportunities at our pioneering company? Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. See insights on Majid Al Futtaim including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. VOX Cinemas strengthened its market share in Saudi Arabia, driving forward its pioneering expansion in the Kingdom with. Majid Al Futtaim’s financial and liquidity position remains strong covering its net financing needs for more than the next three years, through its cash and available committed lines. Agree with Senior Manager Leasing on objectives. The company also entered into an alliance with Image Nation Abu Dhabi and MBC Studios to launch a production partnership for film and TV projects. During this period, overall group revenue increased by 1% to AED. Bloomberg Markets and Finance published this video item, entitled “Majid Al Futtaim’s Bejjani Pledges Sustainability” – below is their description. 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. Sheikh Mohammed bin Rashid Al Maktoum mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtaim, in 2000 which split the assets, liabilities and operations of the then-larger Al Futtaim Group. 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. Majid Al Futtaim Properties: Majid Al Futtaim Properties registered 1% revenue growth to end the year at AED 4.6 billion. The Carrefour brand strengthened its footprint with the opening of 7 hypermarkets and 12 supermarkets across the region. All rights reserved. © 2021 Majid Al Futtaim. “While we continue to make essential investments in talent and technology, I am also encouraged by the progress we are making towards our sustainability agenda, which is allowing us to have a positive influence on the economies, communities and societies where we do business.”. Majid Al Futtaim’s financial and liquidity position remains strong covering its net financing needs for more than the next three years, through its cash and available committed lines. Majid Al Futtaim Chief Executive Officer Alain Bejjani discusses the company’s pledge to sustainability. These positive ratings helped in creating widespread interest from investors when Majid Al Futtaim issued the world’s first benchmark corporate Green Sukuk. 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. Alain Bejjani, CEO of Majid Al Futtaim Holding . Revenue increased by 4% and totalled AED15.1 billion, while its EBITDA grew by 18% to AED709 million. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, commented on the company’s performance: “2018 has been a year of growth for our company, despite the macroeconomic challenges that affected consumer sentiment. Built on trade and tourism in a region reliant on oil, Dubai was hardest hit in the Gulf Arab region as both industries stumbled amid the pandemic. EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. 2023, majid Al Futtaim owns and operates 25 shopping malls, 13 hotels four! 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