Emirati conglomerate Majid Al Futtaim reports 18% rise in pre-tax earnings | Reuters

Emirati conglomerate Majid Al Futtaim reports 18% rise in pre-tax earnings | Reuters

Emirati retail conglomerate Majid Al Futtaim, which operates across the Middle East, Africa and Central Asia, reported on Wednesday an 18% rise in pre-tax earnings and said consumer spending habits were changing in response to high inflation.

Privately-held Majid Al Futtaim said earnings before interest, taxes, depreciation, and amortization in the first-half amounted to 1.9 billion dirhams ($517 million), up from 1.6 billion a year ago. Revenue rose 15% to 18 billion dirhams.

It did not disclose a net profit figure.

Chief Executive Alain Bejjani told Reuters by phone the results were helped by key markets the United Arab Emirates and Saudi Arabia where economic conditions are better than some of its other markets like Lebanon and Egypt.

Majid Al Futtaim owns shopping centres in five countries including UAE and Saudi Arabia and has over 450 franchised Carrefour stores in 16 countries.