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MAF revenue up 7 per cent in first half 2015.

Dubai: Majid Al Futtaim (MAF), a Dubai-based retail and hospitality conglomerate, posted a 7 per cent increase in revenue for the first half of 2015 compared with the same period a year ago, according to a statement on Wednesday.

While revenue rose to Dh13.7 billion, earnings before interest, taxes, depreciation and amortisation (Ebitda) was stable at Dh1.8 billion.

"This is a transformational year, two decades since the launch of City Centre Deira, and we are positioning the business for accelerated development and sustainable growth," said Alain Bejjani, MAF's CEO, in the statement.

The company's properties division recorded Dh2 billion in revenue and Dh1.2 billion in Ebitda, which were stable compared with the same period a year ago. Occupancy of MAF's malls stood at 97 per cent. It welcomed 85 million visitors during the six-month period, with a 2 per cent growth in footfall year-on-year.

Carrefour, which MAF has the regional franchise rights for, posted 7 per cent sales growth year-on-year to Dh11.2 billion in the first six months of this year. Ebitda edged up more than 3 per cent to Dh563 million due to one-time costs from new market entries and store openings in existing markets. In the first half of this year, Carrefour opened 15 new stores, bringing the total to 143 outlets.

Ventures, a division of MAF that is responsible for all leisure, entertainment and cinema facilities, recorded a 21 per cent growth in revenue to Dh609 million. Ebitda was stable at Dh56 million year-to-date.

MAF has a number of projects under construction in existing and new markets. In Dubai, it expects to open the City Centre Me'aisem in September this year, City Centre Shindagha this year as well, and a My City Centre community mall in Al Barsha in the third quarter of 2016.

The second phase of the expansion of Dubai's Mall of the Emirates will open in the fourth quarter of this year.

Elsewhere in the region, MAF has increased its investment in Egypt from 18 billion Egyptian pounds to 22.5 billion Egyptian pounds as part of a five-year plan that includes investments in projects like the Ski Egypt development at the Mall of Egypt and the launch of Vox Cinemas.

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Publication:Gulf News (United Arab Emirates)
Date:Aug 6, 2015
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