majid al futtaim revenue 2019

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The total number of stores now exceeds 300 across the region, including the first store in Uganda which is providing customers with access to international-standard retail experiences. Muscat: Retail giant Majid Al Futtaim posted an eight per cent growth in group revenue in 2018, the company's preliminary and unaudited operational and financial results have shown. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … This was mainly due to the impact of challenging market conditions on revenue per available room (RevPAR) in the hotels business, despite outperforming the market in Dubai and a 3% increase in room occupancy across the Majid Al Futtaim portfolio. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion, respectively. “In line with our core values and responsibility towards the environment, sustainability remains a top priority for Majid Al Futtaim. Majid Al Futtaim opened City Centre Suhar in Oman, and My City Centre Masdar in Abu Dhabi — the company’s first shopping mall in the UAE capital — in H1 2019. The company’s shopping malls will increase to 28 assets in 2020 with the opening of two new malls in Sharjah; City Centre Al Zahia which will be the largest mall in the Northern Emirates, and Matajer Al Musalla which opened in Q1. The owners of Carrefour supermarket have sued Kenya Revenue Authority over Sh500 million tax demand. Meanwhile, EBITDA spiked by 30% to $113.3m (AED416m) that was driven by growth across Saudi Arabia, Kuwait, and Egypt. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. The total number of screens under the VOX Cinemas-brand increased to 499 across the region. Bejjani said that the UAE’s retail economy is now “coming back quite strongly” and by mid-2021 “we should be back to 2019 levels.” Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Majid Al Futtaim’s 2019 revenue hits $9.58bn. The company’s disciplined financial management translated to excellent operational cash flow amounting to 122% of EBITDA, while its balance sheet remained strong with borrowing unchanged and total assets valued at AED 63 billion. And on the mall side, helped by three new shopping destinations and “revitalisation of existing assets”, visitor figures increased by 4 per cent year-on-year to 200 million. Key Highlights: Group revenue increased by 1% year-on-year to AED35.2 billion Increased EBITDA by 1% to AED4.6 billion Opened 300th Carrefour store and expanded geographical footprint to 16 countries with entry to Uganda Scaled VOX Cinemas’ presence in Saudi Arabia with 78 new screens added Added two new regional shopping malls in Egypt and Oman […] Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Dubai, United Arab Emirates: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced its audited operational and financial results for 2019, highlighting a revenue increase of 1% year-on-year to AED35.2 billion. With online retail gaining increased traction in core markets, both Carrefour and VOX Cinemas doubled the value of their digital sales compared to 2018. Please share your email address and tell us a bit about yourself to stay connected to opportunities and … Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. With three new shopping malls added as well as the revitalisation of existing assets, visitor figures increased by 4% year on year to 200 million while the total occupancy of shopping malls remained strong at 93%. We’ll send you latest news updates through the day. The Majid Futtaim Holding Group, which was estimated to have $9.6 billion in revenues in 2019, specifically targets consumers in the Middle East and North Africa (MENA). Solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale, resulted in a 1% increase in EBITDA to AED4.6 billion. The Carrefour business continued to expand with 12 hypermarkets and 30 supermarkets added to the portfolio in 2019, with a significant focus on Egypt. But revenues were down 1 per cent to Dh4.6 billion. The Middle … Majid Al Futtaim engaged Sustainalytics to review the Majid Al Futtaim Green Finance Framework, dated April 2019, and provide a second-party opinion on the Framework’s environmental credentials and … “We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success.”. Majid Al Futtaim – shopping mall, communities, retail and leisure operator across Continue Reading Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 3% in revenue and 1% in EBITDA in the first six months of 2019, standing at AED2.1 billion and AED1.5 billion, respectively. VOX Cinemas, in its 20th year, increased its total number of screens to 499 across the region. VOX Cinemas will continue its expansion drive in Saudi Arabia in line with its plan to open 600 screens in the country by 2023. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. Wed 30 Jan 2019 03:08 PM. The retail division provided the bulk of the revenues, at Dh28.1 billion, which is a 1 per cent increase on 2018. Copyright © 2021 Zawya. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Majid Al Futtaim, the Dubai-based retail and leisure pioneer, recently released a statement saying it has recorded $4.9bn (AED17.9bn) in revenues during the first half (H1) of 2019.According to the company, this was achieved despite the market conditions being tough and cost-conscious consumer behaviour across the region. SHARE allows Majid Al Futtaim customers to earn and burn points in real time, at all 2,300 outlets in its 17 shopping malls and 11 hotels in the UAE, and has already reached more than one million members. 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In 2020, Carrefour will open its first store in Uzbekistan, with plans for further expansion to new markets in Central Asia and Africa. We reached more customers in new and existing markets, both online and offline, and this has been key to our continued success. Majid Al Futtaim witnessed strong growth in key areas of its business in 2019. This section is about Living in UAE and essential information you cannot live without. The Majid Al Futtaim ensures market penetration in several ways. In Saudi Arabia, the business further strengthened its market share, opening 78 new screens and bringing the total number opened in the Kingdom to 82. Its properties’ division, which houses all the malls and hotels in the portfolio, pulled in EBITDA (earnings before interest, tax, depreciation and amortisation) of Dh3 billion, unchanged from 2018. The company’s credit rating has been maintained at ‘BBB’ with a stable outlook by both Standard & Poor’s and Fitch Ratings. Mon, 04 Jan 2021 Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED28 billion, an 8 percent increase compared to 2017, driven by the addition of new stores. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Securing a low risk ESG rating, issuing the world’s first benchmark corporate Green Sukuk, and committing to phase out single use plastic from our operations were milestone moments in our sustainability journey.”. © Al Nisr Publishing LLC 2021. CASE: SM-326 DATE: 3/02/20 MAJID AL FUTTAIM IN 2019: DRIVING The group closed last year with the Carrefour business seeing the addition of 12 hypermarkets and 30 supermarkets, with a “significant focus on Egypt. What's On. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. Quickly uncover hidden opportunities with comprehensive data and content. Compared to 2018 figures, Majid Al Futtaim – Properties’ EBITDA was unchanged at AED3 billion, while revenue decreased by 1% to AED4.6 billion. Majid Al Futtaim’s financial and liquidity position remains strong covering its net financing needs for more than the next four years, through its cash and available committed lines. New Flagship Community in Dubai. The company opened two new regional malls; City Centre Sohar in Oman and City Centre Almaza in Egypt, as well as its first mall in Abu Dhabi, My City Centre Masdar. For instance, prices are modified to suit many consumers' interests according to their capabilities in the shopping malls and hotels. Hamid Sidine named Chief Operating Officer of Millennium Hotels and Resorts MEA, Norton Rose Fulbright appoints Mohammed Paracha as Head of Middle East, Rami Z. Sayess appointed regional vice president and general manager at Four Seasons Hotel Bahrain Bay, Aster DM Healthcare appoints Global lead for Service Excellence and Patient Experience, Stable outlook for GCC banks; but profits under pressure again: Fitch, Hana Al Rostamani is the first woman CEO at UAE's biggest lender, ADX plans new listings, derivatives trading in drive to double market cap, UAE banking sector still 'in good health': Emirates NBD, Dubai's Emirates NBD full year profit plunges 52%; board recommends dividend, UK's Johnson says it would have been a "great pity" to stay in EU vaccine programme, U.S. core capital goods orders rise in boost to business investment, Argentina works to ensure ample domestic wheat supply amid export cap rumors, Chinese cities using anal swabs to screen COVID-19 infections, Saudi foreign direct investment up in 2020, says investment minister, Group revenue increased by 1% year-on-year to AED35.2 billion, Scaled VOX Cinemas’ presence in Saudi Arabia with 78 new screens added, Added two new regional shopping malls in Egypt and Oman and one community mall in UAE, Launched SHARE, a group wide lifestyle rewards programme in the UAE, Pledged to phase out single-use plastic from operations across portfolio by 2025, Received ‘low risk’ Environmental, Social, and Governance (ESG) rating from Sustainalytics, and an ‘A’ rating from MSCI, Issued the world’s largest and the region’s first corporate Green Sukuks to fund sustainable projects across the group with a total value of USD1.2 billion, Maintained ‘BBB’ credit rating from Standard & Poor’s and Fitch Ratings. Majid Al Futtaim’s 2019 revenue hits $9.58bn 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. Majid Al Futtaim Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, at 2.1 billion dirhams and 1.5 billion dirhams respectively. Majid Al Futtaim’s 2019 revenue hits $9.58bn. Building on the company’s established talent agenda, more than 180,000 hours of training were delivered through the Majid Al Futtaim Leadership Institute. Majid Al Futtaim Hypermarkets Limited objects to the money being demanded. While revenue was driven by new store openings in Egypt, in particular, EBITDA decreased by 1% to AED603 million compared to the same period in 2018. EBITDA increased by 16 percent to AED1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. Fitch Affirms Majid Al Futtaim LLC at 'BBB'; Outlook Stable Thu 28 Nov, 2019 - 9:28 AM ET Fitch Ratings - London - 28 Nov 2019: Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. UAE-based Majid Al Futtaim (MAF), which operates the Carrefour banner in 16 countries as of February 2020, has reported full year results for its 2019 financial year. The proceeds will be used to finance Majid Al Futtaim’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency. Majid Al Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion. The mall's operational stats on footfall and rental collection are consistent with Fitch-rated UK and continental European peers. Majid al Futtaim Group swung to a net loss during the first half of 2019 as it suffered a Dh860 million writedown on the value of its land and property portfolio. All Rights Reserved. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. The UAE had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Year after year, we continue our journey with you, adhering to our commitments towards our communities and environment. After Uganda, Carrefour will soon have its first store in Uzbekistan, with plans for new markets in Central Asia and Africa. The company said revenue at its retail division rose by 1% to AED28.1 bn (US$7.6 bn), while EBITDA rose by 2% to AED1.4 bn (US$381.1m). During the year, the company refinanced existing debt through two Green Sukuk issuances totalling USD1.2 billion, with the initial issue being the world’s first benchmark size corporate Green Sukuk. “With online retail gaining increased traction in core markets, both Carrefour and VOX Cinemas doubled the value of their digital sales compared to 2018,” the company added in a statement. VOX Cinemas, in its 20th year, increased its total number of screens to 499 across the region. Majid Al Futtaim continued its digital transformation journey, advancing capabilities in data and analytics, technology and online customer experience. The company’s long-term commitment to Egypt and Saudi Arabia has been rewarded as economic and social reforms have created new opportunities for VOX Cinemas and Carrefour to expand across both countries. Integrated lifestyle giant Majid Al Futtaim, owner of brands such as VOX Cinemas and Mall of the Emirates announces its green strategy, a commitment to sustainable business and a circular economy. Privacy Policy. The company reported a loss to its owners of Dh448m for the year to June 30, compared to a profit of Dh446m in the same period last year. “Majid Al Futtaim – Retail will continue to open new stores in existing markets, including the addition of 12 new Carrefour stores in Egypt by the end of 2019,” it said in a statement. CASE: SM-326 DATE: 3/02/20 MAJID AL FUTTAIM IN 2019: DRIVING Alain Bejjani, CEO of Majid Al Futtaim - Holding, said that, in 2019, the company advanced diversification efforts by entering new countries and expanding footprint in priority markets, while maintaining strong financial discipline across its portfolio. The ratings reiterate the company’s credit strengths, resilience of its business model, quality of assets, strong corporate governance, and prudent financial management. Majid Al Futtaim's top competitors are Azadea, DAMAC and ASCEND Retail. The group was established by Majid Al Futtaim in 1992. Both on your website and other media. EBITDA increased by 30% to AED416 million with growth driven mainly from new sites in Saudi Arabia, Kuwait and Egypt. The company said revenue at its retail division rose by 1% to AED28.1 bn (US$7.6 bn), while EBITDA rose by 2% to AED1.4 bn (US$381.1m). Dubai: The Majid Al Futtaim group recorded Dh35.2 billion in 2019 revenues, up 1 per cent from a year before. Have news to share? The total number of stores now exceeds 300. Majid Al Futtaim (Arabic: ماجد الفطيم ‎) is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries . In September 2019, the company brought together its lifestyle offering for the first time under one app-based rewards programme. Terms of Use Majid Al Futtaim (Arabic: ماجد الفطيم) is an Emirati billionaire businessman, the founder, owner and president of the Majid Al Futtaim Group, an Emirati real estate … Revenues at Majid Al Futtaim – Ventures reached $762.3m (AED2.8bn) in 2019, with an increase of 17%. Majid Al Futtaim plans further expansion in markets with high growth potential as well as its home market, the UAE. 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. The retail division was boosted by a “margin uplift”. It is the first Dreamscape store to open outside of the United States. These cookies are used to improve your experience and provide more personalized service to you. Majid Al Futtaim – Ventures also introduced Dreamscape, an immersive virtual reality experience at Mall of the Emirates. In 2020, the company plans to open 87 new screens with a focus on bringing cinema to customers in cities such as Tabouk, Hail and Jubail for the first time, while adding to the current portfolio in Riyadh, Jeddah and Dammam. Total occupancy at the group malls were at 93 per cent. Alain Bejjani, CEO of Majid Al Futtaim Holding, expects the UAE's retail economy to be back at 2019 levels by the middle of next year The United Arab Emirates had earlier this year shut malls and cinemas, Majid Al Futtaim’s main source of revenue. Find Out More. Majid Al Futtaim’s performance was further bolstered by its continued focus on operational excellence and its agile approach to challenging market conditions and digital disruption. Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, talks about the company's financial results and business outlook. Majid Al Futtaim Ventures: Majid Al Futtaim – Ventures recorded an 17% increase in revenue during 2019, rising to AED2.8 billion. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. The group was established by Majid Al Futtaim in 1992. The affirmation reflects the 1H20 rental decline for Majid Al Futtaim Properties' (MAFP) mall portfolio, while the Carrefour franchise retail division (MAFR) has provided defensive cash generation to the group during the pandemic period. Majid Al Futtaim records Dh35b 2019 revenue Group’s malls had a combined 200m visitor turnout, but hotel numbers disappoint Published: February 24, 2020 10:25 Staff Report There is also an increase in the promotion and distribution of products into outside territories. Dubai-based retail giant Majid Al Futtaim (MAF) has reported largely flat results for the first half of 2019, with a 1 percent increase in revenue leading to a similar increase in earnings for the six-month period. See Majid Al Futtaim's revenue, employees, and funding info on Owler, the world’s largest community-based … “In 2019, we advanced our diversification efforts by entering new countries and expanding our footprint in priority markets, while maintaining strong financial discipline across our portfolio,” said Alain Bejjani, CEO of Majid Al Futtaim - Holding. This website stores cookies on your computer. Majid Al Futtaim expanded its footprint in 2019 with new market entry and core business growth, including the opening of Carrefour’s first store in Uganda, the addition of three new shopping malls, and VOX Cinemas’ continued expansion in Saudi Arabia with 78 new screens added. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. My City Centre Masdar in Abu Dhabi Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. All rights reserved. In 2019, the company registered several significant sustainability firsts. Majid Al Futtaim (Arabic: ماجد الفطيم ‎) is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries . The corporation promises that circularity will be at the heart of its business model by 2030 but insists moves have already started. VOX plans to open 600 screens in Saudi Arabia by 2023. Majid Al Futtaim Retail: Majid Al Futtaim Retail generated strong revenue growth and finished the year at AED 28.0 billion, an 8% increase compared to 2017, driven by the addition of new stores. The continued focus on operational excellence resulted in a margin uplift, while the company’s operational cash flow was 132% of EBITDA. Majid Al Futtaim’s 2019 revenue hits $9.58bn 24-02-2020 Majid Al Futtaim, a leading shopping mall and leisure pioneer across the Middle East, Africa and Asia, has posted a revenue of Dh35.2 billion ($9.58 billion) during 2019, marking a year-on-year increase of one per cent. Majid Al Futtaim says its shopping malls welcomed 192 million customers during the year, a 4% increase Alain Bejjani, CEO of Majid Al Futtaim Holding. Majid Al Futtaim’s investments in Egypt amount to EGP 700m in 2019. 294 new Covid-19 cases registered in Bahrain on Sunday. Majid Al Futtaim performs annual audits and reports on its sustainability progress. Majid Al Futtaim is one of the leading drivers of economic growth and impact in the Middle East and North Africa and is a leading foreign direct investor and a catalyst for the region’s economy. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Majid Al Futtaim – Properties registered a decline of 3 per cent in revenue and 1 per cent in EBITDA in the first six months of 2019, standing at Dhs2.1 billion and Dhs1.5 billion respectively. The other big plus comes via VOX Cinemas, and its continued expansion in Saudi Arabia with 78 new screens added. and Majid Al Futtaim, a leading shopping mall and leisure . The first method is decreasing prices to attract several new customers (Guth & Ginseberge, 1990). Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. MAF Global Securities Limited's global medium-term note (GMTN) programme and MAF Sukuk Ltd. have also been affirmed at 'BBB'. Want to be the first to hear about career opportunities at our pioneering company? Company to inaugurate integrated mall in Madinat Nasr year-end with investments worth EGP 230m EBITDA increased by 16% to AED 1.4 billion, largely attributable to cost optimisation initiatives and higher sales in Egypt, Saudi, Kuwait and Kenya. Dubai-based retail giant Majid Al Futtaim (MAF) has reported largely flat results for the first half of 2019, with a 1 percent increase in revenue leading to a similar increase in earnings for the six-month period. The company raised two Green Sukuks worth $1.2 billion, with the first issuance in May becoming the world’s first … They were placed on your computer when you launched this website. This website is not responsible for, and does not control, such external content. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. The press release is provided for informational purposes only. The Majid Al Futtaim Retail Business School also opened in the UAE, providing functional, commercial and on-the-job training for Carrefour employees. Majid Al Futtaim had said in August its shopping malls business saw a drop in first-half revenue. “This was mainly due to the impact of challenging market conditions on revenue per available room (RevPAR) in the hotels business, despite outperforming the market in Dubai and a 3 per cent increase in room occupancy across the portfolio,” the company said in a statement. View Majid Al Futtaim in 2019 Driving Digital Transformation in a Digital World.pdf from MBA 12BM at SP Jain School of Global Management. Font Size - Aa + Dubai retail giant posts 8% rise in revenue to $9.4bn. The Middle … Fitch Ratings - London - 25 Nov 2020: Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. 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Futtaim Properties registered a 1 per cent revenue growth in 2018 at Dh4.6 billion with you adhering! Management translated to excellent operational cash flow amounting to 122 % of ebitda hits 9.58bn! Management translated to excellent operational cash flow amounting to 122 % of ebitda, technology and online customer experience their! Informational purposes only revenue to $ 9.4bn the information within this article is at your sole risk Dh4.6 billion as. In discretionary spend and basket Size due to weaker consumer sentiment, ” a added! Said in August its shopping malls business saw a drop in first-half revenue decreasing prices to attract several customers. Can not live without as available ” basis and has not been edited in any way increased to across! The shopping malls business saw a drop in first-half revenue reduction in discretionary spend and basket Size due weaker...

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