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19 March 2024

Majid Al Futtaim H1 revenues jump 14% to Dh12.8bn

Published
By Reuters

Dubai-based shopping mall developer Majid Al Futtaim (MAF) reported a 14 per cent increase in first-half revenues on Wednesday, citing growing earnings across its business units.

The firm, which owns and operates the Carrefour franchise in the Middle East, made Dh12.8 billion ($3.5 billion) in the six months to June 30, it said in a statement.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) from recurring operations rose 13 per cent year-on-year to Dh1.8 billion in the same time period.

MAF, builder of Dubai's indoor ski slope, said it recorded growth across its three business units.

Sales at its retail operations grew by 15 percent to Dh10.5 billion, while its properties business yielded Dh1.9 billion of revenue, up 10 per cent year-on-year.

Its ventures unit, which comprises leisure and entertainment assets, posted revenue of Dh506 million, up 21 per cent on the corresponding period of 2013.

In March, the company said it planned to invest Dh275 million over the next two years on building a mall as part of a bigger plan to invest 3 billion dirhams in Dubai before the emirate hosts the 2020 World Expo.