Dubai - Mubasher: Majid Al Futtaim Group announced on Monday its financial results for the second half of the year, according to a statement.
The company reported financial growth throughout its business during the first six months of the 2017, with overall group revenue expanding by 4% to AED 15.7 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) increasing by 4% to AED 2 billion.
Overall group revenue would have grown by 12% and EBITDA by 9% at constant foreign exchange rates, the statement noted, explaining that the difference can be largely attributed to the EGP devaluation that occurred in the last quarter of 2016.
The company said that it continues to maintain a strong balance sheet with total assets valued at around AED 56.1 billion and a net debt of around AED 9.6 billion.
Al Futtaim has recnelt acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market share in Bahrain and Kuwait, and opened Mall of Egypt, which is home to the first ski slope and snow park in Africa.
The company’s statement also indicated that it has issued a new $500 million corporate hybrid to fund expansion strategy, and maintained BBB credit rating by both Standard and Poor’s (S&P), and Fitch Ratings.
