Majid Al Futtaim first-half earnings soar 74% on robust momentum of #UAE economy

Majid Al Futtaim first-half earnings soar 74% on robust momentum of UAE economy

Majid Al Futtaim Holding, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, reported a sharp rise in profit and revenue on the back of the robust economic momentum of its UAE home market.

Net profit for the six-month period to the end of the June soared an annual 74 per cent to Dh1.7 billion ($463 million) from the same period a year ago, while revenue for the reporting period climbed 5 per cent to Dh18.9 billion, Ahmed Ismail, chief executive at Majid Al Futtaim, said on Monday.

Earnings before interest, taxes, depreciation and amortisation for the first half of this year climbed 13 per cent to Dh2.1 billion.

“The year is off to a good start, revenue is up 5 per cent despite currency devaluations in several markets in which we operate,” Mr Ismail said in a Bloomberg TV interview.

“More pleasing is the fact that our profitability is growing ahead of our revenue” on the back of “a buoyant economy in our home market of the UAE”, he said.