Dubai: By Nayla Barakat: Majid Al Futtaim, said its overall group revenue increased by 1% to AED17.9 billion, despite challenging market conditions and more cost-conscious consumer behaviour across the region.
EBITDA increased by 1%, standing at AED2.1 billion, while the group’s increased focus on working capital management and operational excellence resulted in operating cashflow amounting to 115% of EBITDA. The group’s assets increased 7% to approximately AED64 billion, on account of the introduction of IFRS16. Net borrowings stand at around AED12.8 billion.
Majid Al Futtaim’s financial results during H1 2019 were enabled by maintaining strong financial discipline across its portfolio. In its efforts to meet the evolving needs and demands of customers, while mitigating risk and ensuring sustainable growth, the company continues to diversify its business model and prioritise initiatives that support its long-term strategic direction. During 2019, Majid Al Futtaim further expanded its offering across geographies, while enhancing its digital capabilities and investing in human capital.
“The strength and durability of our business has been a key factor in our financial performance for the first half of 2019, demonstrating the importance of geographic and business model diversification. Our focus on delivering a unique and innovative customer experience has enabled us to extend our customer base, while we have successfully optimised costs and created greater operating efficiencies,” Alain Bejjani, Chief Executive Officer of Majid Al Futtaim – Holding, said.
“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.”
