(MENAFN) Majid Al Futtaim, the Dubai-based shopping malls operator, said that it has recorded an 11 percent growth in its total revenues to reach USD6.8 billion in 2014, while its earnings before interest, taxes, depreciation and amortization (EBITDA) from recurring operations grew by 10 percent compared with 2013 to hit USD979.92 million, Arabian Business reported.
The company added that the value of its total assets have amounted to more than USD12.24 billion, while its net debt has accumulated to around USD2.17 billion.
The operator also said that it is planning to double the size of its business over the next five years by making several investments in delivering new malls across the region, in addition to new hypermarkets, supermarkets, and family entertainment centers as well.
Meanwhile, MAF's Properties unit, which develops, owns and manages the company's shopping malls, hotels and mixed-use communities, also registered an increase in its revenue by 8 percent to USD1.08 billion, while its retail division which holds exclusive rights to the Carrefour franchise in 38 markets across the Middle East, Africa and Central Asia, posted a revenue increase by 11 percent to USD5.71 billion.
"We will continue expanding our geographical footprint across the Middle East and North Africa, bringing innovative new experiences to new populations, with a strong focus on Egypt and Saudi Arabia. This is in addition to strengthening our assets and competitive position in our home market of the UAE," CEO Majid Al Futtaim " Holding said.
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