Mall of the Emirates by Majid Al Futtaim Group
Majid Al Futtaim announced a 12% increase in revenue to AED36.3 billion (US$9.9 billion) in 2022 and a 4% increase in EBITDA to AED4.1 billion, driven by its operational excellence and commitment. Investments in digital transformation, data analytics and rewards programs through continuous improvement of customer experience.
The company said in a statement that it will achieve a net profit of AED 2.4 billion (US$ 650 million) in 2022, down 2% from 2021, while maintaining a strong balance sheet with total assets worth approximately AED 66 billion, up year-on-year. 9%. The net debt settlement was AED 14.2 billion.
Ahmad Jalal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, said: “Despite the ongoing economic challenges facing the world, Majid Al Futtaim has managed to deliver strong growth in 2022. This is attributable to the diversification of the company’s business Benefiting greatly from the dynamism and resilience of the UAE economy, our real estate portfolio activities help to reduce the negative impact of these challenges by delivering outstanding performance as real estate portfolio activities contribute 74% interest, tax, depreciation and amortization total profit before.
The company continues to benefit from a continued recovery in consumer confidence levels, evident in increased visitor numbers in shopping centers, hotel occupancy rates, and visits to movie theaters and entertainment and leisure venues.
Customer preference for shopping through digital experiences and multiple channels continues to grow significantly, driving companies to continue investing in enhanced use of innovative digital capabilities of modern technologies to enhance their services and meet customer expectations.
Majid Al Futtaim reaffirmed its commitment to stimulate economic and social growth and drive positive and sustainable change in the region as part of its commitment to deliver “positive results” in the water and energy sectors by 2040, except in Eliminate single-use plastic materials at all levels of its business by 2025.
The Mall of the Emirates and Mall of Oman have also achieved LEED Platinum certification, bringing Majid Al Futtaim’s total green-certified real estate assets to 4 million square meters.
In September 2022, Majid Al Futtaim signed an agreement to secure a second USD 1.25 billion Sustainability Loan (SLL), arranged as a Revolving Credit Facility (RCF), to achieve the company’s environmental, social and corporate governance Target.
business unit performance
Majid Al Futtaim Real EstateMajid Al Futtaim Properties’ revenue rose 43% to AED 5.8 billion, while EBITDA rose 16% to AED 3.0 billion, driven by strong hotel and community events and increased customer visits to shopping centers A strong comeback, with shopper visits to malls up 16% to 212 million and tenant sales up 11% year-over-year.
Revenue from the Majid Al Futtaim hotel portfolio rose by 48% to AED671 million, driven by events such as Expo 2022 Dubai, increased demand in Saudi Arabia during the holidays and the World Cup in Qatar. Revenue per available hotel room and occupancy rose 50% and 14%, respectively.
In addition, the real estate development project “Tilal Al Ghaf”, which had a total sales of AED 4.4 billion in the past year, generated AED 1.8 billion in revenue as construction work progressed.
Majid Al Futtaim Retail: Majid Al Futtaim’s retail sales up 7% to AED28 billion in 2022, driven by renewed customer confidence, lifting of preventive health measures worldwide and resumption of travel and tourism activities in various countries Majid Al Futtaim Operations . Majid Al Futtaim Retail’s earnings before interest, taxes, depreciation and amortization also fell 14 percent to AED1.2 billion.
Majid Al Futtaim Leisure, Entertainment and Movies: The company’s revenue rose 23 percent to AED 1.6 billion. EBITDA increased by 68% to AED 126 million. This was mainly due to improved performance following the relaxation of admission restrictions and the return of cinemas. After the company signed a distribution agreement with “Warner Brothers Pictures”, it signed a new cooperation agreement with “Universal Pictures International”, according to which it obtained the distribution rights of “Universal Pictures” films in 14 countries and regions in the Middle East. North Africa region, as of February 2023.
Majid Al Futtaim Fashion: Majid Al Futtaim Fashion reported revenue growth of AED801 million, up 38% year-on-year, driven by strong performance across all its brands. Its EBITDA subsidiaries grew by 317% to AED 25 million.