Retail
shopping mall occupancy stood at 95 per
cent.
The firm’s retail business generated
strong revenue growth and finished the
year at Dh28.0 billion, an 8 per cent
increase compared to 2017, driven by the
addition of new stores.
EBITDA increased by 16 per cent to
Dh1.4 billion, largely attributable to “cost
optimisation initiatives and higher sales
in Egypt, Saudi, Kuwait and Kenya,” the
company said.
Despite experience only modest growth,
the company’s real estate business
continued to contribute heavily to the
company’s overall profitability.
Majid Al Futtaim Properties registered a 1
per cent revenue growth in 2018 at Dh4.6
billion. The division’s EBITDA increased
by 2 per cent to Dh3.0 billion, contributing
almost 65 per cent of overall group
EBITDA.
Conversely, Majid Al Futtaim hotels
experienced a decline in revenue per
available room (RevPAR), which the
company blamed on current market
conditions. It reported an average room
occupancy rate of 75 per cent.
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