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Majid Al Futtaim reports 10% lower revenues in H1-21

Majid Al Futtaim reports 10% lower revenues in H1-21
The EBITDA rose by 2%

UAE - Mubasher: Majid Al Futtaim's revenues have declined by 10% year-on-year (YoY) to AED 15.6 billion during the first half (H1) of 2021.

The company saw net profits after tax of AED 662 million in the first six months of 2021 and a marginal increase in total equity, according to a press release on Monday.

Meanwhile, the earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 2% to AED 1.6 billion in the January-June period of 2021.

In H1-21, Majid Al Futtaim – Retail recorded a decrease of 12% in revenues to AED 13.2 billion and 12% in EBITDA to AED 623 million, attributed to the challenging economic environment.

The company witnessed a more than 25% rise in Carrefour online sales and a 50% growth in the number of orders. 

Commenting on the company's performance, the CEO of Majid Al Futtaim - Holding, Alain Bejjani, said: "Over the first half of the year, we have seen encouraging signs of recovery across our markets, as consumers gain confidence in resuming their pre-pandemic activities. 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."