UAE – Mubasher: Majid Al Futtaim, a leading lifestyle provider with shopping malls, hotels, cinema, hypermarkets, reported a 1% year-on-year (YoY) rise in revenues to AED35.2 billion in 2019.

The group’s strong operational performance also led to an increase in earnings before interest, tax, depreciation, and amortisation (EBITDA) by 1% to AED4.6 billion last year, according to the company’s press release on Monday.

During 2019, the company’s business rapidly grew with VOX Cinemas and Carrefour expanding in many countries, namely Egypt and Saudi Arabia, in addition to the opening of Carrefour’s first store in Uganda.

This comes alongside with the digital transformation strategy adopted by the company to strengthen capabilities in data and analytics, technology, and online customer experience.

Therefore, Carrefour and VOX Cinemas doubled the value of digital sales in 2019 when compared to 2018.

In this regard, the CEO of Majid Al Futtaim - Holding, Alain Bejjani, commented: “In 2019, we advanced our diversification efforts by entering new countries and expanding our footprint in priority markets, while maintaining strong financial discipline across our portfolio. We reached more customers in new and existing markets, both online and offline.”

Bejjani added: “Securing a low risk ESG rating, issuing the world’s first benchmark corporate Green Sukuk, and committing to phase out single use plastic from our operations were milestone moments in our sustainability journey.”