Leading shopping malls owner Majid Al Futtaim’s first-half earnings surged on the back of a 15 percent revenue jump, according to a statement.
This meant the firm pulled in 18 billion dirhams ($4.9 billion) in revenue.
With operations across the Middle East, Africa, and Central Asia, the Dubai-based group reported 73 percent higher sales from digital grocery retailing and strong performance across hotels, shopping malls, and communities.
This was accompanied by an 18 percent increase in its earnings before interest, taxes, depreciation, and amortization to 1.9 billion dirhams.
“A strong, customer-focused strategy supported by unrivaled data and analytics capabilities has enabled Majid Al Futtaim to deliver sustained growth through H1 2022,” said CEO Alain Bejjani.
“While our region is not immune to building global inflation and supply chain pressures, Majid Al Futtaim remains optimistic towards the broader economic outlook,” he added.
