UAE - Mubasher: Majid Al Futtaim recorded a 3% decline in revenues to AED 17.3 billion in the first half (H1) of 2020, when compared to the same period of 2019, according to a press release on Wednesday.

The group's earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 27% to AED 1.6 billion in the January-June period of 2020, compared to the year-ago period.

Meanwhile, the group's assets retreated by 4% to around AED 61.8 billion.

Despite the coronavirus (COVID-19) economic impact, the company saw 4% and 18% growth rates in its grocery retail business' revenues and EBITDA, respectively.

Carrefour revenues jumped by 4% to AED 15.1 billion during the first six months of 2020.

The CEO of Majid Al Futtaim Holding, Alain Bejjani, said: "Backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to course correct, reduce our cost base, and enhance our digital capabilities."