REFILE-UAE's Majid Al Futtaim posts modest annual growth, sees better 2020 - Reuters:
Dubai-based retail developer Majid Al Futtaim said on Monday its annual EBITDA and revenue edged a tick higher, sharply slowing from the pace of growth seen in 2018, amid challenging conditions in its key Middle East markets.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the year ended Dec. 31, 2019 rose to 4.6 billion dirhams ($1.25 billion), a 1% rise from the prior year.
Revenue also climbed 1% to 35.2 billion dirhams, compared with an 8% growth in the year-ago period.
The retail sector in Dubai - one of the world’s leading shopping capitals - has taken a hit from lower property rates and oil prices.
Dubai-based retail developer Majid Al Futtaim said on Monday its annual EBITDA and revenue edged a tick higher, sharply slowing from the pace of growth seen in 2018, amid challenging conditions in its key Middle East markets.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the year ended Dec. 31, 2019 rose to 4.6 billion dirhams ($1.25 billion), a 1% rise from the prior year.
Revenue also climbed 1% to 35.2 billion dirhams, compared with an 8% growth in the year-ago period.
The retail sector in Dubai - one of the world’s leading shopping capitals - has taken a hit from lower property rates and oil prices.
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