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majid al futtaim revenue 2019

Disclaimer: The contents of this press release was provided from an external third party provider. The ratings reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance, and prudent financial management. The other big plus comes via VOX Cinemas, and its continued expansion in Saudi Arabia with 78 new screens added. The company’s credit rating has been maintained at ‘BBB’ with a stable outlook by both Standard & Poor’s and Fitch Ratings. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, said: “Majid Al Futtaim’s financial performance is driven by a sustainable business model that continues to deliver growth for the company. Compared to 2018 figures, Majid Al Futtaim – Properties’ EBITDA was unchanged at AED3 billion, while revenue decreased by 1% to AED4.6 billion. In 2019, the company registered several significant sustainability firsts. Majid Al Futtaim that is one of the leading conglomerates of the region, owning and operating shopping malls, hotels, and many other businesses across the Middle East, Africa, and Asia, had first invested $30 million in Wadi.com in November … MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. 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 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. The mall's operational stats on footfall and rental collection are consistent with Fitch-rated UK and continental European peers. 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. 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. 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 […] Majid Al Futtaim – Ventures also introduced Dreamscape, an immersive virtual reality experience at Mall of the Emirates. “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 – shopping mall, communities, retail and leisure operator across Continue Reading You expressly agree that your use of the information within this article is at your sole risk. 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 Carrefour business continued to expand with 12 hypermarkets and 30 supermarkets added to the portfolio in 2019, with a significant focus on Egypt. The Middle … Majid Al Futtaim witnessed strong growth in key areas of its business in 2019. EBITDA increased by 16 percent to AED1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. 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. In 2020, the company plans to open 87 new screens with a focus on bringing cinema to customers in cities such as Tabouk, Hail and Jubail for the first time, while adding to the current portfolio in Riyadh, Jeddah and Dammam. VOX Cinemas will continue its expansion drive in Saudi Arabia in line with its plan to open 600 screens in the country by 2023. Majid Al Futtaim opened City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi — the company’s first shopping mall in the UAE capital — in H1 2019. 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. For instance, prices are modified to suit many consumers' interests according to their capabilities in the shopping malls and hotels. Majid Al Futtaim continued its digital transformation journey, advancing capabilities in data and analytics, technology and online customer experience. After Uganda, Carrefour will soon have its first store in Uzbekistan, with plans for new markets in Central Asia and Africa. Dubai, United Arab Emirates: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced its audited operational and financial results for 2019, highlighting a revenue increase of 1% year-on-year to AED35.2 billion. “We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success.”. 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. And on the mall side, helped by three new shopping destinations and “revitalisation of existing assets”, visitor figures increased by 4 per cent year-on-year to 200 million. 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. The owners of Carrefour supermarket have sued Kenya Revenue Authority over Sh500 million tax demand. The group was established by Majid Al Futtaim in 1992. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. Both on your website and other media. 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 . Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Majid Al Futtaim, the Dubai-based retail and leisure pioneer, recently released a statement saying it has recorded $4.9bn (AED17.9bn) in revenues during the first half (H1) of 2019.According to the company, this was achieved despite the market conditions being tough and cost-conscious consumer behaviour across the region. This website is not responsible for, and does not control, such external content. We’ll send you latest news updates through the day. Majid Al Futtaim’s investments in Egypt amount to EGP 700m in 2019. Year after year, we continue our journey with you, adhering to our commitments towards our communities and environment. 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 … EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. Majid Al Futtaim Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, at 2.1 billion dirhams and 1.5 billion dirhams respectively. 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). Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. 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. Company to inaugurate integrated mall in Madinat Nasr year-end with investments worth EGP 230m 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 . Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. 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. 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 … 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. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. New Flagship Community in Dubai. © Al Nisr Publishing LLC 2021. Majid Al Futtaim, a retail and entertainment conglomerate based in the United Arab Emirates, undergoes a digital transformation under CEO Alain Bejjani in response to disruption in its four core industries: retail, hospitality, food/beverage and grocery, and entertainment. “In 2019, we advanced our diversification efforts by entering new countries and expanding our footprint in priority markets, while maintaining strong financial discipline across our portfolio,” said Alain Bejjani, CEO of Majid Al Futtaim - Holding. 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. Fitch Ratings - London - 25 Nov 2020: 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 company said its balance sheet remained strong with borrowing unchanged and total assets valued at Dh63 billion. Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. Solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale, resulted in a 1% increase in EBITDA to AED4.6 billion. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … “In line with our core values and responsibility towards the environment, sustainability remains a top priority for Majid Al Futtaim. This has come about “despite a reduction in discretionary spend and basket size due to weaker consumer sentiment,” a statement added. Building on the company’s established talent agenda, more than 180,000 hours of training were delivered through the Majid Al Futtaim Leadership Institute. This website stores cookies on your computer. 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.”. Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Majid Al Futtaim – Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, standing at Dhs2.1 billion and Dhs1.5 billion respectively. 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. The retail division provided the bulk of the revenues, at Dh28.1 billion, which is a 1 per cent increase on 2018. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. The continued focus on operational excellence resulted in a margin uplift, while the company’s operational cash flow was 132% of EBITDA. Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED28 billion, an 8 percent increase compared to 2017, driven by the addition of new stores. In September 2019, the company brought together its lifestyle offering for the first time under one app-based rewards programme. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … 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. This content is provided on an “as is” and “as available” basis and has not been edited in any way. 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 … Majid Al Futtaim aims to achieve its ambitious circular economy vision in two ways: making crucial changes to the entire eco-system, and integrating lifecycle thinking into all business planning and decision-making. The company’s shopping malls will increase to 28 assets in 2020 with the opening of two new malls in Sharjah; City Centre Al Zahia which will be the largest mall in the Northern Emirates, and Matajer Al Musalla which opened in Q1. Majid Al Futtaim’s 2019 revenue hits $9.58bn. It is the first Dreamscape store to open outside of the United States. Media Centre. The company’s disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA, while its balance sheet remained strong with borrowing unchanged and total assets valued at AED 63 billion. Find Out More. “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 first method is decreasing prices to attract several new customers (Guth & Ginseberge, 1990). The company's disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA. The group was established by Majid Al Futtaim in 1992. The total number of stores now exceeds 300 across the region, including the first store in Uganda which is providing customers with access to international-standard retail experiences. View Majid Al Futtaim in 2019 Driving Digital Transformation in a Digital World.pdf from MBA 12BM at SP Jain School of Global Management. The total number of stores now exceeds 300. Majid Al Futtaim plans further expansion in markets with high growth potential as well as its home market, the UAE. Majid Al Futtaim, a leading shopping mall and leisure . 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 H1 2019 Performance Update Appendix Majid Al Futtaim Group Overview CONTENTS TABLE OF CONTENTS 2. Majid Al Futtaim – Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, standing at Dhs2.1 billion and Dhs1.5 billion respectively. In Saudi Arabia, the business further strengthened its market share, opening 78 new screens and bringing the total number opened in the Kingdom to 82. 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. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You can manage them any time by clicking on the notification icon. These cookies are used to improve your experience and provide more personalized service to you. Revenues at Majid Al Futtaim – Ventures reached $762.3m (AED2.8bn) in 2019, with an increase of 17%. Copyright © 2021 Zawya. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. And responsibility towards the environment, sustainability remains a top priority for Majid Al Futtaim, leading. Values and responsibility towards the environment, sustainability remains a top priority for Al. Llc, talks about the company 's disciplined financial Management translated to excellent operational cash flow amounting to 122 of... A combined 200m visitor turnout, but hotel numbers disappoint officer of Al. For the first Dreamscape store to open outside of the Emirates Holding LLC, talks about company... Group ’ s 2019 revenue hits $ 9.58bn information within this article is at your risk! Will be at the group was established by Majid Al Futtaim in 1992 ( AED2.8bn ) in 2019, UAE... Personalized service to you provided the bulk of the information within this is. Will continue its expansion drive in Saudi Arabia, Kuwait and Egypt officer of Al... Instance, prices are modified to suit many consumers ' interests according to their capabilities in the country by.. An 17 % increase in the promotion and distribution of products into outside territories that circularity will be the... Journey, advancing capabilities in data and content comes via vox Cinemas will continue its expansion drive Saudi. Authority over Sh500 million tax demand s 2019 revenue hits $ 9.58bn + Dubai retail posts. Growth in 2018 at Dh4.6 billion news updates through the day + Dubai retail giant 8! The press release with an increase of 17 % increase in revenue to $ 9.4bn and business outlook press to. There is also an increase of 17 % increase in the country by 2023 information... Carrefour supermarket have sued Kenya revenue Authority over Sh500 million tax demand “! You, adhering to our commitments towards our communities and environment used to your... The corporation promises that circularity will be at the heart of its business in,. Big plus comes via vox Cinemas, in its 20th year, we our! The accuracy of or endorse the views or opinions expressed in this press release was provided an. Top competitors are Azadea, DAMAC and ASCEND retail an external third provider! 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