The Dubai-based shopping mall developer with properties across the Middle East, Africa and Central Asia, recorded 15.6 billion dirham ($4.3 billion) in revenue for the first six months of 2021, marking a 10 percent decline from the same period last year, Arabian Business reports.
Majid Al Futtaim reported post-tax net profit of 662 million dirham ($180.2 million) and 1.6 billion dirham ($436 million) in earnings before interest, taxes, depreciation and amortisation (EBITDA), a 2 percent boost from 2020. Its retail arm saw a 12 percent decline in revenue to 13.2 billion dirham ($3.6 billion), but recorded a 50 percent increase in online orders, with e-commerce sales revenue up 25 percent.
Though the company continues to feel the impact of the pandemic, it remains resilient to stressors and is seeing encouraging signs of recovery across markets, its holdings arm’s chief executive, Alain Bejjani, said.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated fee)
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