The net profit of the Emirati Majid Al Futtaim Group increased by 74% in the first half of this year, to reach 1.7 billion dirhams on an annual basis, with the growth of the company’s business units with the exception of the retail sector affected by the depreciation of the currency in the markets in which the company operates, according to a company statement issued today. Monday.
The increase in revenues in the company's real estate sector was the largest among the company's sectors during the first six months of this year, driven by the activities of shopping centers in the UAE and the performance of the real estate development project Tilal Al Ghaf in Dubai.
The most prominent financial statements of the company during the first six months of this year:
- Revenues rose 5% to 18.9 billion dirhams.
- EBITDA rose 13% to 2.1 billion dirhams.
- Real estate revenues rose 39% to 3.4 billion dirhams.
- Retail sales fell 2% to 14.1 billion dirhams, mainly affected by the depreciation of the currency in the markets in which the group operates.
- Entertainment sector revenues grow 4% to 822 million dirhams, as the cinema sector continues to recover.
- Net loans amount to $15 billion, most of which are due in 2026.
