Majid Al Futtaim, which operates the Carrefour brand in markets across the Middle East, Africa and Asia, has reported a 8% increase in revenue at constant currency in its Retail business in the first half of its financial year.
On a reported basis, revenue in the Majid Al Futtaim – Retail division declined by 2% to AED 14.1 billion, due to currency devaluations across its regional footprint.
EBITDA was up 5% on a constant currency basis, but fell 7% on a reported basis.
Online Sales Growth
The group said in a statement that its online retail business has continued to gain traction, recording a 13% increase in revenue to AED 1.2 billion in the first half of the year.
It opened five new stores across the Middle East during the period, including two Supeco low-cost, hybrid concept stores in Egypt.
'These efforts underline the group’s continued work to meet the growing consumer demand for digital and omnichannel experiences,' it noted.
At a group level, Majid Al Futtaim reported a 5% increase in revenue, to AED 18.9 billion, and a 13% increase in EBITDA, to AED 2.1 billion, in the first half, which it said was driven by the 'success of strategic initiatives to drive operational efficiency and profitability'.
Its Majid Al Futtaim – Properties business saw net revenue rise by 39%, year-on-year, while Majid Al Futtaim – Entertainment saw revenue increase 4% and Majid Al Futtaim – Lifestyle saw revenue up 31%.
Profitable And Responsible Execution
“Majid Al Futtaim is successfully balancing strategic growth with profitable and responsible execution," commented Ahmed Galal Ismail, chief executive, Majid Al Futtaim – Holding.
"Our efforts to drive defined business objectives across our portfolio with a renewed focus on operational excellence and productivity are delivering sustainable, profitable growth and value to our stakeholders."
Looking ahead, Ismail added that the group will "continue to evolve, anchoring strategic choices in value-creation that support the evolving needs of our customers, colleagues and communities across the region".
Read More: Hani Weiss, CEO, Majid Al Futtaim Retail, Talks To ESM
