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By Desmond Nleya
Retail giant says ‘diversified portfolio’ helps counter tough geopolitical factors
Dubai: The Dubai headquartered retail and entertainment giant Majid Al Futtaim Group recorded revenue and profit drop in the first six months of 2024 brought on by ‘macroeconomic headwinds from geopolitical instability and currency devaluations’ in some of its operating markets.
Majid Al Futtaim, whose portfolio includes Mall of the Emirates and the luxury villa community Tilal Al Ghaf, had a 6 per cent decline on the revenue side to Dh16.7 billion; a 2 per cent decline in consolidated EBITDA to Dh2.1 billion; and a 6 per cent drop in net profit after tax to Dh1.6 billion.
Source: Gulf News
