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Majid Al Futtaim records 7% lower revenues in 2020

Majid Al Futtaim records 7% lower revenues in 2020
The company’s assets declined by 6%

UAE - Mubasher: The total revenues of Majid Al Futtaim decreased by 7% year-on-year (YoY) to AED 32.6 billion in 2020, attributed to the coronavirus (COVID-19) impact.

The company's audited operational and financial results for 2020 recorded earnings before interest, tax, depreciation, and amortization (EBITDA) of AED 3.8 billion in 2020, down 19% from the earlier year, according to a press release on Wednesday.

The company’s assets declined by 6% YoY to around AED 59.1 billion last year.

Meanwhile, the company's Carrefour business saw a 1% drop in revenues to AED 28 billion in 2020, while its EBITDA rose by 14% to AED 1.6 billion.

Majid Al Futtaim Retail’s online sales hiked by 188% across all markets, accounting for 3% of its total revenue in 2020.

Majid Al Futtaim CEO, Alain Bejjani, said: "The fact that we have experienced growth in some of our businesses during a year of unprecedented disruption is a testament to the importance that should always be placed on people, the planet and our collective progress."