Majid Al Futtaim, a UAE conglomerate operating shopping malls in the region, reported a slight decrease in net profit for 2022, despite a surge in online retail sales.
The company’s net profit reached AED 2.4B, down 2% from the previous year, while revenues grew 12% to AED 36.3B.
The company also reported a 51% increase in online sales and a 4% growth in EBITDA. Despite global challenges such as inflation and energy shortages, the company remained resilient and delivered balanced growth.
Fitch rating agency had earlier forecasted nearly 6% GDP growth for the UAE in 2022, and stated that Majid Al Futtaim’s liquidity is strong, owing to the company’s good economic growth in the region.
