[ad_1]
The Majid Al Futtaim Group announced the development and management of shopping centers, integrated cities, businesses and entertainment in the Middle East, Africa and Asia, for a turnover of 17, MAD 8 billion in the first half of 2018. Taxes, depreciation and amortization of 4% to 2.1 billion AED. Initial and unaudited financial and operating results for the first half of this year showed that Majid Al Futtaim's revenue growth was largely due to its diversification and expansion efforts. Focusing on achieving operational excellence in all of its businesses and business units. Alan Bajani, CEO of Majid Al Futtaim Holding, said: "The first half financial results reflect the company's continued growth in light of current market challenges, and these results are an example of our ability to achieve the plans we have already announced, while adhering to a disciplined financial methodology and risk management according to well-thought-out plans
In the first half of the year, Majid Al Futtaim was able to expand into new markets. Current markets Another remarkable achievement, the company has opened its first multi-screen Fox Cinema in Saudi Arabia as part of an ambitious plan to add 600 screens in the Kingdom over the next five years. For Majid Al Futtaim Retail, 12 new stores were opened, reinforcing its presence in 243 points of sale in the Middle East, Africa and Asia. Carrefour has signed an agreement with the Egyptian Ministry of Investment and International Cooperation to open up to 100 stores in the country. Carrefour has opened the largest distribution center of its kind in the region.
23 Shopping Malls
The Majid Al Futtaim trading group in the region grew to 23 with the opening of shopping centers The two new My City Center in UAE and My City Center Pictures in Oman. The hotel group now has 13 hotels with the opening of the Aloft City Center Deira hotel.
The company continues to focus its investments in improving the analysis of data and new technologies. In addition to recruiting engineers and scientists in the data field, the company has trained during this period hundreds of interpreters, whose task is to turn these vast amounts of data into applicable ideas. .
Majid Al Futtaim Properties
Majid Al Futtaim Properties recorded a 1% revenue growth in the first half of the year at AED 2.3 billion, mainly due to its shopping centers. Earnings before interest, taxes, depreciation and amortization rose 1% to AED 1.5 billion, or 70% of the Group's total profit. In the first half, the company's shopping centers welcomed 98 million visitors, up 4% over the same period in 2017. The total occupancy rate of shopping centers reached 94% with the following year. addition of the Mall of Egypt. Majid Al Futtaim unveiled the first phase of the photovoltaic power plant at Mall of the Emirates, created by its subsidiary Enova. This is the third stop of its kind in Majid Al Futtaim's shopping malls after completing the mall of downtown Maisam and my downtown Al Barsha.
Classification
The Fitch, Standard & Poor's (BBB) has a stable outlook for the year, which confirms the company's strengths in credit, such as a flexible business model, asset quality, strong governance standards and prudent financial management.
– Majid Al Futtaim Distribution: Majid Al Futtaim Retail Reports Strong Revenue Growth of AED 14.6 Billion Compared to the Same Period in 2017. Revenues Increased by 15 %, while profits before tax, interest, depreciation and amortization increased by 11% to 600 million dirhams. The high returns and profits are largely due to the acquisition of Retail Arabia last year.
– Projects Majid Al Futtaim: The total business turnover of Majid Al Futtaim Projects has increased by 13% in the first half to reach AED 1.1 billion (1.5 billion USD) After adding joint ventures and partners). The company's diversified portfolio of theaters, entertainment, entertainment, fashion, retail, food and beverage, facilities and energy management increased its EBITDA margin. from 118 million euros to 118 million dollars
Projects
Al-Futtaim Properties, announced its intention to expand its projects in the region, especially in the center. Al Zahia city, Masdar city center, United Arab Emirates, Oman shopping center and Sohar city center in Oman. , "Downtown Seville" and "Mall of Saudi Arabia" in Riyadh, Saudi Arabia. The company is also pursuing its progressive development approach to integrated cities, including the "bright" ones in Sharjah, Waterfront City in Beirut and the Wave project in Muscat.
Financing
Al-Futtaim • Maintain a strong financial position and sufficient liquidity to meet its financing needs for more than two years, either through liquidity or available financing. In March, the company issued a new $ 400 million hybrid bond, in line with the company's approach to managing the issuance of first hybrid bonds in 2013, before maturity in October 2018. The company also improved its liquidity through a financing line. Value of $ 500 million from a group of regional and global banks.
Source link
