Majid Al Futtaim’s H1 revenues rise on expansion efforts

UAE-based shopping malls developer Majid Al Futtaim on Tuesday said its revenues in the first half of 2018 grew 13 percent year-on-year (YoY) to AED 17.8 billion, driven by the group’s expansion and diversification efforts in key markets such as Saudi Arabia and Egypt.

During H1, the company inaugurated its first VOX Cinemas multiplex theatre in Saudi Arabia following the lifting of a 40-year ban on cinemas in the Kingdom.

This launch is part of the group’s plan to open 600 screens in Saudi over the coming five years, the firm said in a statement.

“We remain committed to delivering on our growth plans, keeping our financial discipline and maintaining careful risk management,” Alain Bejjani, CEO of Majid Al Futtaim-Holding, said in the statement.

The malls operator posted a 4 percent YoY growth in EBITDA to AED 2.1 billion in H1 2018. The group’s assets are valued at approximately AED 60.7 billion, with a net debt of around AED 11.1 billion, it added.

Majid Al Futtaim-Ventures, which includes the group’s cinemas unit VOX, saw its revenues rise by 13 percent in the first six months of the year to AED 1.1 billion.  

VOX Cinemas added 30 new screens across the region, including its first theater in Saudi Arabia and Kuwait.

The group is also making progress on its property projects across the region, including the City Centre Ishbiliyah and Mall of Saudi in Riyadh in Saudi Arabia, the statement said.