Majid Al Futtaim, the shopping malls, communities, retail and leisure group with a presence across the Middle East, Africa, and Central Asia, felt the impact of the pandemic as revenue fell by 10 percent to AED 15.6 billion, it revealed in its financial results for the first six months of the year.
The Group said it has remained resilient and focused on adapting to customer needs despite the pandemic’s continued impact on its operating environment, reporting EBITDA of AED 1.6 billion, an increase of 2 percent and net profit after tax amounted to AED 662 million and total equity saw a marginal increase. This the group said was primarily due to the relative stabilisation in the market, resulting in steady asset valuations.
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, said: “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."
He added that the company's strong financial position has enabled it to remain resilient to that pressure and agile in how it responded to the situation.
As the pandemic wanes in key markets across the globe, Bejjani, said confidence has returned in recent months and pre-pandemic activities were seeing a resumption.
“Over the first half of the year, we have seen encouraging signs of recovery across our markets, as consumers gain confidence. In addition to the increased activity across our physical assets, the acceleration of pre-pandemic trends – particularly as they pertain to digital capabilities – continues to gather pace," Bejjani added.
The group added that investment in sustainable growth opportunities would continue, saying it was on track to deliver on both its commitment to become Net Positive in water and energy by 2040 as well as its pledge to phase out single-use plastic across its operations by 2025.