Majid Al Futtaim 2017 earnings rise 1% with change in business mix - The National

Majid Al Futtaim 2017 earnings rise 1% with change in business mix - The National:

"Majid Al Futtaim, the UAE-based conglomerate whose business interests include owning and operating shopping malls and developing residential communities, said its annual earnings grew 1 per cent in 2017, as a result of performance changes in the business mix across its portfolio and the currency devaluation in Egypt. “The slower Ebitda (earnings before interest, tax, depreciation, and amortization) growth predominantly resulted from a change in business mix across the portfolio, with food grocery retail growing at a faster rate than the higher margin properties businesses,” the company said on Wednesday. Ebitda for the privately held company, reached Dh4.2 billion up from Dh4.1bn a year earlier. Revenue grew 8 per cent to Dh32.2bn from Dh29.9bn. At constant FX rates, group revenue would have grown by 14 per cent and Ebitda by 5 per cent, the firm added. The Egyptian pound has lost nearly half of its value since the currency was devalued in November 2016."



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