Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively. “While the timeline for a full-scale recovery is still uncertain, we are witnessing a slow reopening of the economy. Al-Futtaim Finance provides finance and insurance solutions to Al-Futtaim’s automotive companies to assist customers with the purchase of vehicles, motorbikes and marine leisure craft. News Source: https://mediaoffice.ae/en/news/2020/August/19-08/Majid-Al-Futtaim-H1-2020. Copyright © 2018 BNC Publishing. We will do our part to rebuild consumer trust that is so crucial to revitalising the economy. Jan.27 — Majid Al Futtaim Chief Executive Officer Alain Bejjani discusses the company’s pledge to sustainability. Search results for "". Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at AED 1.5 billion and AED 1.1 billion, respectively. It also opened five new physical stores, which have contributed to its growth and catered to consumer demand. However, the second half of March saw the COVID-19 pandemic take hold, leading to temporary asset closures, travel and movement restrictions and supply chain challenges affecting companies globally. Despite weakening macroeconomic conditions, the company’s BBB credit rating and ‘stable outlook’ have been reaffirmed by Standard & Poor’s in its most recent report. ¬ Providing the Store and Head Office management of our financial Main KPI Indicators performance. ¬ Monitoring the store financial results and propose corrective measures to improve the store results. 27/01/2021 22:36:53 Cookie Policy +44 (0) 203 8794 460 Free Membership Login. In order to support the local food economy and guarantee a sustainable supply chain, the company collaborated with the Ministry of Climate Change and Environment (MOCCAE) to boost the availability of locally grown produce across Carrefour UAE stores, by opening new distribution channels for more than 6,000 small and medium-sized local farmers and ensuring a sustainable supply of fresh fruit and vegetables across the country. To further strengthen its customer-centric approach, Majid Al Futtaim entered into strategic partnerships to further improve the delivery of Carrefour online orders, including with the Department of Economic Development, Aramex, and Dubai Taxi Corporation. However, like the Shopping Malls business, towards the end of Q2 2020 customers began to return as leisure and entertainment assets began opening for business in a phased manner. The field of Customer Experience seems to be an absolute fit for Francis' passion and key strengths. The company will carry on its expansion plans in core markets, with new dates already announced for the opening of Mall of Oman and City Centre Al Zahia in Sharjah. To further strengthen its customer-centric approach, Majid Al Futtaim entered into strategic partnerships to further improve the delivery of Carrefour online orders, including with the Department of Economic Development, Aramex, and Dubai Taxi Corporation. The company will also open three supermarkets in Uzbekistan this year, marking the first entry of an international grocery retailer into the Central Asian country. Online sales increased by 263% across all markets the company operates in and contributed 3% of Carrefour’s total revenue. Majid Al Futtaim Holding LLC operates as a holding company. Alain Bejjani, Chief Executive Officer of Majid Al Futtaim – Holding, commented on the company’s financial results: “The pandemic has undoubtedly affected us all. Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced its audit reviewed operational and financial results for the first six months of the year. This period also witnessed an accelerated shift to digital, driven by rapid adoption rates. https://mediaoffice.ae/en/news/2020/August/19-08/Majid-Al-Futtaim-H1-2020. Majid Al Futtaim on Thursday announced its audit reviewed operational and financial results for the first six months of the year, noting that overall group revenue increased by one per cent … During the second half of 2020, Majid Al Futtaim will continue to support sustainable economic development in its efforts towards economic recovery, while maintaining a disciplined financial management approach. Majid Al Futtaim latest. During the pandemic, the company moved quickly to simultaneously ramp up its digital presence whilst strengthening its fulfilment and delivery capabilities with three new fulfilment centres and darkstores established across the region, in addition to activating 53 existing stores to fulfil online orders. Revenue increased by 4% and totalled AED 15.1 billion, while its EBITDA grew by 18% to AED 709 million. Majid Al Futtaim Hotels experienced a 41% drop in occupancy rates due to asset closures and reduced demand due to travel restrictions and border closures. Despite these macroeconomic conditions, the company witnessed strong growth in its grocery retail business, with a 4% and 18% increase in revenue and EBITDA, respectively Backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to course correct, reduce our cost base, and enhance our digital capabilities to meet the accelerated demand on multiple digital platforms. Majid Al Futtaim – Properties: Majid Al Futtaim – Properties registered a decline of 26% in revenue and 27% in EBITDA in the first six months of 2020, standing at AED1.5 billion and AED1.1 billion, respectively. Photo: Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, Global Village entices creative young minds across the UAE to showcase their creative prowess as part of Future Business Minds competition, Azizi Developments inks deal with Studio N to shine light on the contemporary façade of Creek Views 1.

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