Construction

Dubai’s Majid Al Futtaim reports 11% revenue growth

Retail developer’s total assets were valued at $14.1bn in the first half of 2016

Alain Bejjani

The Dubai-based shopping mall, retail and leisure developer Majid Al Futtaim says its group revenues grew 11% to AED 15.2bn ($4.1 billion) during the first six months of 2016 as compared to the same period last year.

According to a statement of its preliminary unaudited financial results, EBITDA has also risen by 7% reaching AED 1.9 billion ($517.2m), compared to AED 1.8 billion ($490 mn) recorded in the first half of 2015.

The company has also maintained a strong balance sheet with total assets valued at AED 52 billion ($14.1 bn) and a net debt of around AED 10 billion ($2.7 bn).

Its property and retail divisions all recorded revenue growth, with Majid Al Futtaim Ventures reporting overall an overall revenue increase of 43% to AED 870 million ($236.8m).

Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, said: “We have delivered another sustained period of growth during the first half of 2016 by continuing to raise the bar when it comes to customer experience, while expanding our geographical footprint. For the first time, we have entered into sub-Saharan Africa and Kazakhstan through Carrefour and have expanded our leisure, entertainment and fashion businesses across markets.

“Our financial results during the first half once again show the resilience of our business model despite softening economic conditions. Going forward, we will press ahead with our expansion plans, while developing our business in existing and new markets when the right opportunities are identified and with a continued commitment to our prudent financial and risk management approach. This approach will not only position our company for further growth in the future, but will ensure we continue to support economic development across the MENA region.”

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