Majid Al Futtaim (MAF) has reported flat first-half earnings, citing higher costs and weaker hospitality industry profits.
It said earnings before interest, taxes, depreciation and amortisation remained stable at Dh1.8 billion despite a 7 per cent rise in revenue to Dh13.7bn from the same period last year.
The result reflects “higher promotional activities, costs associated with new market entries, product mix impact and a softer market in the hospitality industry”, according to the conglomerate, which operates malls, retail and leisure businesses.
MAF, which plans to double in size within five years, said property revenue and earnings held steady at Dh2bn and Dh1.2bn respectively, as the number of mall visitors rose just 2 per cent to 85 million in the first half. Visitor numbers were affected by expansion work at Mall of the Emirates, which the company operates.
Occupancy at its hotels was 77 per cent, but revenue per available room, an industry standard, fell 11 per cent.
Retail earnings increased 3 per cent to Dh563 million, weighed by higher costs of new market entries and new store openings.
“Several large-scale projects are under construction in existing and new markets,” said Alain Bejjani, MAF’s chief executive.
“Dubai remains the core of our business and we are expanding our presence in Egypt, Saudi Arabia and Oman, in addition to looking to establish a foothold in Africa and Eurasia.”
MAF has businesses across the Middle East and North Africa and holds the Carrefour hypermarket franchise for the region.
It is bullish about Egypt, having announced this year its plan to increase its investment in the North African country to 22.5 billion Egyptian pounds (Dh10.5bn) from 18bn pounds.
The company is set to embark on a mall-building spree in Egypt as it prepares to open Africa’s first indoor ski slope.
dalsaadi@thenational.ae
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Mary Beard
Profile Books and London Review of Books
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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RACE CARD
6.30pm: Handicap (Turf) US$175,000 1,000m
7.05pm: Al Bastakiya Trial Conditions (Dirt) $100,000 1,900m
7.40pm: Al Rashidiya Group 2 (T) $250,000 1,800m
8.15pm: Handicap (D) $135,000 2,000m
8.50pm: Al Fahidi Fort Group 2 (T) $250,000 1,400m
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