Majid Al Futtaim committed to expansion plans, after 27% drop H1 earnings - Arabianbusiness

Majid Al Futtaim committed to expansion plans, after 27% drop H1 earnings - Arabianbusiness:

Dubai-based Majid Al Futtaim said it remains committed to its expansion plans, after it reported a 27% drop in earnings for the in the first six months of the year.

The shopping mall, communities, retail and leisure company, with operations in the Middle East, Africa and Asia, reported H1 earnings of AED1.6 billion ($435m) revenues dropped by three percent in the first six months of the year to AED17.3 billion, as elements of the company bore the brunt of the economic crisis caused by the coronavirus pandemic. 


Majid Al Futtaim said it saw large-scale business disruption caused by the various lockdown measures and movement restrictions, coupled with more cautious consumer sentiment.

Alain Bejjani, chief executive officer of Majid Al Futtaim - Holding, said: “The pandemic has undoubtedly affected us all. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries.