Majid Al Futtaim’s revenue has reached AED 36.3 billion, with EBITDA growing by four per cent, according to the Group’s latest financial results report for 2022.
Across the Group portfolio, shopping mall footfall increased 16 per cent to 212 million visitors in 2022, while tenant sales grew 11 per cent.
The Group has successfully weathered the inflation storm and withstood supply chain pressures and energy shortages which took a toll on global economic growth last year.
CEO of Majid Al Futtaim – Holding, Ahmed Galal Ismail, said: “Overall, Majid Al Futtaim delivered balanced growth through 2022. Positive contributions from across our portfolio, bolstered by the inherent strength of the UAE economy, have enabled the Group to achieve double digital revenue growth despite the ongoing macroeconomic challenges.
“The potential impact of these headwinds has been further lessened by the outstanding performance of our Properties portfolio, which has contributed 74 per cent of total EBITDA. We continue to uphold the values that constitute the Majid Al Futtaim institution, underpinned by solid financial standing and a robust balance sheet.”
Majid Al Futtaim attributed its strong performance to the Group’s solid operational performance and sustained focus on improving the customer experience through investments in digital transformation, data analytics and loyalty programmes.
The Group reported a two per cent decrease in net profit to AED 2.4 billion and continues to maintain a strong balance sheet, with its assets valued at around AED 66 billion – a nine per cent year-on-year increase – and net borrowings of AED 14.2 billion.
Majid Al Futtaim also has reported high consumer confidence, which is reflected in factors such as an increase in shopping malls.
Retail trends at Majid Al Futtaim, including consumer demand for digital and omnichannel experiences, are growing steadily. On balance, AL Futtaim continues to be well-positioned to leverage digital opportunities to invest, innovate and enhance its offering to meet consumers’ evolving requirements.
When it comes to sustainability, Majid Al Futtaim seems to be on track to meet its commitment to achieve a positive water and energy footprint by 2040 and eliminate single-use plastic in all its operations by 2025.
For example, Mall of the Emirates and Mall of Oman, Majid Al Futtaim’s flagship shopping centres, received LEED Platinum certification, adding to the company’s green-certified properties which now span four million square meters.
“We remain fully committed to delivering value-accretive profitable growth for our shareholders and contributing to the sustainable growth and prosperity of the Mena region,” said Mr Ismail.
