Majid al Futtaim Group, the UAE company that includes an extensive entertainment lineup of dozens of FECs and other attractions in the Middle East, has reported US$9.2bn in revenue and a profit of $681m.
The Dubai-based company, which does the bulk of its business is in the construction and operation of shopping malls, saw its revenue drop by two per cent, but EBITDA lifted by one per cent to $1.25bn. Net profit was down six per cent on the year, mainly through currency devaluation, anticipated tax changes and extraneous items. The group’s total assets amount to $18.7bn.
MAF’s entertainment division reported net revenues of $463m and EBITDA of $44.6m. It said that regional cinema business was “recovering” after the pandemic. Its VOX Cinemas had a two per cent uplift in footfall.
While the bulk of the division’s revenues comes from well-known brands such as Magic Planet and Ski Dubai, the group also operates many other entertainment venues, the latest of which is Activate, a franchise from the US that consists of an interactive gaming concept designed to merge technology and physical activity.
MAF plans to establish a chain of 40 Activate locations across the Middle East.
