UAE – Mubasher: Majid Al Futtaim reported a 5% year-on-year (YoY) rise in consolidated revenue to AED 18.90 billion during the first half (H1) of 2023, according to a press release.

Net profits reached AED 1.70 billion in the January-June 2023 period, marking an annual leap of 74%.

In the first six months (6M) of 2023, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 13% YoY to AED 2.10 billion.

Meanwhile, the UAE-based group maintained a healthy balance sheet with assets valued at nearly AED 68 billion.

Ahmed Galal Ismail, CEO of Majid Al Futtaim – Holding, said: “Our efforts to drive defined business objectives across our portfolio with a renewed focus on operational excellence and productivity are delivering sustainable, profitable growth and value to our stakeholders.”

“The economic buoyancy of the UAE in conjunction with our internal focus to unlock the inherent power of our ecosystem, has enabled the Group to deliver a solid half-year performance,” Ismail added.