Middle East's largest mall operator reports rise in earnings amid economic recovery

Middle East's largest mall operator reports rise in earnings amid economic recovery

Majid Al Futtaim, the Middle East's largest mall-operator, said first-half earnings climbed 2 per cent as the region's economic recovery continued despite the impact of the Covid-19 pandemic on its business.

Earnings before interest, taxes, depreciation and amortisation rose to Dh1.6 billion ($436 million) in the first six months of the year, the privately-held company, which discloses its performance, said on Monday.

Net profit after tax for the period stood at Dh662m and its total equity rose marginally, it said without giving year-on-year comparative figures. Revenue in the period fell 10 per cent to Dh15.6bn.

“Despite the prolonged impact of the Covid-19 pandemic, Majid Al Futtaim has delivered a robust performance over the first half of the year, driven by prudent financial management and a diversified portfolio,” said Alain Bejjani, chief executive of Majid Al Futtaim Holding.

“While we continue to feel the impact from continued disruption, our strong financial position has enabled us to remain resilient to that pressure and agile in how we respond to the stressors within our operating environment.”