This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
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 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.
For the full story, click here