The Dubai-based conglomerate, known for its flagship assets like the Mall of the Emirates and the luxury Tilal Al Ghaf community, saw a 6% revenue drop, reflecting the broader impact of global economic headwinds. Consolidated EBITDA also saw a slight dip of 2% to Dh2.1 billion, while net profit after tax decreased by 6% to Dh1.6 billion.
However, when adjusted for constant FX rates, the group’s performance appeared more stable, with revenue only 3% lower and EBITDA and net profit increasing by 1%. The group’s asset base showed strength, growing by 2% year-on-year to reach Dh70 billion by the end of June.
On the retail front, the company faced significant challenges, with revenues dropping 11% to Dh11.6 billion and EBITDA plummeting by 47% to Dh278 million. The decline was attributed to reduced consumer spending due to geopolitical conflicts and currency devaluations in Egypt and Kenya.
In contrast, the company’s shopping malls provided a much-needed boost, with revenues growing by 8% and occupancy rates reaching 96%. The hospitality sector also saw positive momentum, with a notable 18% increase in revenue per available room, although average occupancy dipped slightly by 2%.
The property division emerged as a strong performer, driven by a 9% increase in revenues to Dh3.7 billion, primarily from the Tilal Al Ghaf development and enhanced earnings from the group’s UAE malls. EBITDA in this segment grew by 11% to Dh1.9 billion.
