UAE’s leading shopping malls operator Majid Al Futtaim (MAF) posted a drop of 10% YoY in its revenues at AED 15.6bn ($4.25bn) for 1H2021. The drop in revenue was attributable to the restrictions imposed by the pandemic. Despite the drop in the top line, its EBITDA at AED 1.6bn ($440mn) saw a 2% rise YoY. Net profit after tax at AED 662mn ($180mn) also rose marginally. During the period, the company also opened the largest mall in the Northern Emirates. Its segment-wise performance is as follows:

  • The retails business saw a decline of 12% in both the revenues and EBITDA to AED 13.2bn ($3.6bn) and AED 623mn ($170mn) respectively
  • The properties business of the company registered a 6% rise in revenues as well as EBITDA to AED 1.6bn ($436mn) and AED 1.1bn ($299mn) respectively
  • The leisure, entertainment and cinemas segment also saw an increase of 25% and 64% in revenues and EBITDA to AED 502mn ($137mn) and AED -32mn (loss of $8.8mn) respectively
  • The lifestyle business saw revenues and EBITDA rise 63% and 85% to AED 253mn ($69mn) and AED -7mn (loss of $1.9mn) respectively

The BBB rated company has adequate liquidity and does not have any material debt maturity until September 2024. MAF’s 4.5% 2025s and 3.933% 2030s were up 0.18 and 0.01 to trade at 110.79 and 109.25 respectively. 

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