{"id":90073,"date":"2024-03-15T00:00:00","date_gmt":"2024-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/majid-al-futtaim-and-dp-world-report-2023-earnings\/"},"modified":"2024-03-15T00:00:00","modified_gmt":"2024-03-15T00:00:00","slug":"majid-al-futtaim-and-dp-world-report-2023-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/15\/majid-al-futtaim-and-dp-world-report-2023-earnings\/","title":{"rendered":"Majid Al Futtaim and DP World report 2023 earnings"},"content":{"rendered":"

Majid Al Futtaim recorded a 12% y-o-y increase in net income to AED 2.7 bn<\/strong>, according to the company\u2019s earnings release<\/a>. The company\u2019s revenues rose 1% y-o-y to AED 34.5 bn during the year. The group\u2019s total assets rose to AED 69.7 bn in 2023, up from 66.1 bn in 2022. <\/p>\n

Robust property earnings helped offset a decline in retail: <\/strong>Majid Al Futtaim's properties revenue rose 20% y-o-y to AED 6.9 bn, driven by record mall footfall in the UAE and the Tilal Al Ghaf deveopment's success and a 4% y-o-y increase in hotel revenues. Retail revenues, on the other hand, fell 4% y-o-y to AED 24.7 bn due to currency devaluations and a \u201cshift in consumer sentiment\u201d due to geopolitical tensions.<\/p>\n

Consumer boycotts are behind the lackluster retail performance:<\/strong> The company\u2019s properties division said in its annual risk report that it has worked on risk controls to allow it to navigate a \u201cchallenging geopolitical landscape and global economic outlook,\u201d Bloomberg<\/a> reported, adding that it cited risks like \u201cconflicts and consumer boycotts,\u201d which could \u201cdisrupt our shopping malls, hotels and community projects.\u201d The company operates French supermarket chain Carrefour, which was subject to consumer boycotts due to its entry into Israel, in the Middle East.<\/p>\n

\n

\n

Dubai-based port operator DP World\u2019s bottom line for 2023 dropped 17.7% y-o-y <\/strong>to USD 1.51 bn, <\/strong>according to its financial statements (pdf)<\/a>. The company\u2019s top line saw a 6.6% y-p-y boost during the period to USD 18.25 bn, the statement said. <\/p>\n

The company attributed the stronger topline to gains from Drydocks World<\/strong>, full year consolidation benefits on the back of its 2022 acquisition<\/a> of Imperial Logistics, as well as like-for-like growth in the outfit\u2019s core ports, terminals, and logistics operations. Meanwhile the decline in net income was mainly attributable to greater finance costs, DP World said. <\/p>\n

Looking ahead: <\/strong>Despite \u201cresilient\u201d performance in 2023, the outlook remains uncertain, DP World said, citing geopolitical and macroeconomic headwinds.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s consolidated revenue rose 1% to AED 34.5 bn during the year<\/p>\n","protected":false},"author":1,"featured_media":90074,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[244,237,7,254],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-dp-world","tag-earnings-watch","tag-enterpriseam-uae","tag-majid-al-futtaim","wpautop","entry"],"acf":{"mongo_id":"7f7d854e-c004-455c-9362-724e13e7afc3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1322.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Majid Al Futtaim and DP World report 2023 earnings","related_issue":[90058],"teaser":"The company\u2019s consolidated revenue rose 1% to AED 34.5 bn during the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.7efcd4a4-c0f2-468d-942b-330d4f3d5238.mp3"},"yoast_head":"\nMajid Al Futtaim and DP World report 2023 earnings - 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