Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Majid Al Futtaim revenues jump 14 in first half  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on Wednesday.

Majid Al Futtaim’s performance in the first half of the year is credited to growth across its three business segments retail properties and ventures. — Supplied photo

The company’s earnings before interest taxes depreciation and amortisation (EBITDA) from recurring operations increased by 13 per cent to Dh1.8 billion according to its preliminary and unaudited operational and financial results statement.

“The first half of 2014 displayed another period of robust growth for us and even more importantly it happened on the back of a strong 2013” said Iyad Malas chief executive officer of Majid Al Futtaim Holding.

Majid Al Futtaim’s performance in the first half of the year is credited to the growth across its three business segments retail properties and ventures. Properties

The company witnessed its revenues increased by a strong 10 per cent to Dh1.9 billion and EBITDA rise by around 12 per cent to Dh1.2 billion. The company’s malls saw footfall of 83 million through the period an increase of six per cent from 2013 first half levels while revenue per available room at the company’s 11 hotels increased by 15 per cent from prior levels with year-to-date occupancy rates of over 80 per cent. Retail

The business unit that owns and operates the Carrefour franchise saw sales up about 15 per cent year-on-year to Dh10.5 billion in H1 2014. The business’s EBITDA rose by 21 per cent to Dh553 million. In the first half of 2014 Majid Al Futtaim Retail opened 12 new Carrefour stores expanding its portfolio to 121 outlets in 12 countries across the Middle East Central Asia and North Africa.

Ventures is a diverse group of companies that complement the core business via a leading presence in cinemas leisure and entertainment as well as businesses in financial services fashion and healthcare.

In the first half of 2014 Ventures achieved strong operational growth with revenue increasing by 21 per cent to Dh506 million. EBITDA for the year was at Dh63 million an increase of around 13 per cent driven by the investments made for future growth. Expansion plans

The company says several large-scale projects are currently under construction in both existing and new markets. Majid Al Futtaim’s ongoing investment plan in Dubai is well under way with the successful opening of the Mall of the Emirates’ Fashion District and commencement of phase two which will see the mall expand by a gross leasable area of 25000 square metres to include the introduction of a new major VOX Cinemas experience fresh retail anchor stores as well as boutiques and a diversity of dining choices. Additionally Majid Al Futtaim introduced ‘My City Centre’ a new brand of neighborhood retail concepts with the first opening in Nasseriya Sharjah.

The company also announced a new shopping mall in Dubai at International Media Production Zone and commenced construction on Hilton Garden Inn Majid Al Futtaim 10th hotel in Dubai.

“We continue to make significant progress with growth in the retail and leisure markets across the region. We are continuing our organic expansion plans focusing on our commitment to create great moments for everyone everyday with careful attention to quality with responsibility to community and last but not least prudent financial and risk management approach which is typical of Majid Al Futtaim” Malas concluded. — abdulbasitkhaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Aug 3 2015 - GBM Gold pours first gold at Victorian projectProactiveInvestors - Australia
(MENAFN - ProactiveInvestors) GBM Gold (ASX:GBM) has poured first gold mined from its Victorian gold open pit near Dunolly from 2700 tonnes of ore. The ore was processed at the A1 gold processing ...

 Aug 3 2015 - Mobily Q2 net loss hits nearly USD215mMENAFN
(MENAFN) Saudi Etihad Etisalat (Mobily), suffered a net loss of USD215 million during the second quarter of this year as a result of dispute with Zain.The company Exposed to loss in the second ...

 Aug 3 2015 - Dubai spent USD46.2m for water transmission networksMENAFN
(MENAFN) Dubai Electricity and Water Authority (DEWA), launched major water transmission networks with a length of 25km. This project matches Dubai Plan 2021, which pursues economic development, ...

 Aug 3 2015 - GCC Foreign Ministers hold coordination meeting in DohaSaudi Press Agency
(MENAFN - Saudi Press Agency) Foreign Ministers of the countries of the Gulf Cooperation Council held here on Sunday evening a coordination meeting ahead of their joint meeting with US Secretary of ...

 Aug 3 2015 - Saudi Arabian Football Federation holds its regular meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) The board of directors of the Saudi Arabian Football Federation held its regular meeting here on Sunday.During the meeting, the board discussed topics on the agenda and ...

 Aug 3 2015 - Abu Dhabi's Agthia net profit up 20 percent in H1MENAFN
(MENAFN) Food and beverage company Agthia Group net profit for the first half of 2015 rose 20 percent to USD34 million from the same period last year, driven by higher sales and improved margins.The ...

 Aug 3 2015 - Syrian jet crashes into market, 12 killedSaudi Press Agency
(MENAFN - Saudi Press Agency) At least 12 people were killed when a Syrian army fighter jet crashed into a busy marketplace in the opposition-held northwestern town of Ariha on Monday, a monitor ...

 Aug 3 2015 - Qatar's Emir Receives GCC Foreign MinistersSaudi Press Agency
(MENAFN - Saudi Press Agency) Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, received today the Gulf Cooperation Council (GCC) for Arab States' foreign ministers, currently on a visit ...

 Aug 3 2015 - US State Secretary Arrives in DohaQatar News Agency
(MENAFN - QNA) US Secretary of State John Kerry arrives in Doha on Sunday night to take part in a joint meeting with Their Excellencies the Foreign Ministers of the Gulf Cooperation Council (GCC) ...

 Aug 3 2015 - Russian Foreign Minister Arrives in DohaQatar News Agency
(MENAFN - QNA) Russian Foreign Minister Sergei Lavrov arrived in Doha on Sunday night on a visit to the State of Qatar. The Foreign Minister and his accompanying delegation were welcomed upon ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help