The company reported revenue of AED 32.6bn, which represents a decline of 7 per cent, driven by the impacts of the Covid-19 pandemic.
The Covid-19 pandemic has caused numerous business interruptions such as temporary asset closures, travel and movement restrictions, and supply chain challenges. From the onset of the pandemic, Majid Al Futtaim adopted a stakeholder-first strategy, including strengthening its engagement with governments across all markets to minimise the spread of the virus.
Majid Al Futtaim Chief Executive Officer, Alain Bejjani, commented on the news: “Despite the extraordinary events of 2020, Majid Al Futtaim’s full year performance demonstrated the resilience of our people and business model, diverse portfolio, operational agility, proactive investments and prudent financial risk management.”
Although the company reported a decrease in revenue, Majid Al Futtaim was pleased to report a number of positives: their retail aim recorded a 188 per cent increase in online sales; the company has accelerated their digital transformation with the launch of new online platforms including Carrefour’s Marketplace, Trends at Your Doorstep, Click & Collect and Mobile Scan & Go; MAF also launched their circular economy strategy reinforcing their commitment to their sustainable development.
