MAF records strong H1 growth

Photo by Patrick Castillo

Majid Al Futtaim Holding LLC, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa,‎ has posted strong growth in the first half of this year.
The company released its consolidated interim financial statements for the half year ended 30 June 2012 on Monday.
Iyad Malas, CEO, Majid Al Futtaim Holding, said: “2012 has already been a successful and busy year for us.  We opened our 11th shopping mall in Fujairah in April with full retailer occupancy. Tenant sales rose about 44 per cent in Egypt and about 23 per cent in Bahrain, in the first half of the year. Tenant sales in the UAE and Oman grew by 13 per cent.
The group’s gross revenues reached Dh10.7 billion, a 15 per cent increase on H1 2011, at the same time its Ebitda from recurring operations grew by 17 per cent year-on-year to reach over Dh1.5bn. Total assets are valued at Dh37.0bn and net debt is Dh7.3bn.
Following its successful debut sukuk in February 2012, the group issued a seven-year $500 million bond in July 2012.
Majid Al Futtaim Properties saw its revenue increase by a strong 16 per cent to Dh1.5 billion and EBITDA rise by about 12 per cent to Dh0.97bn, contributing about 64 per cent of the group’s Ebitda.
Majid Al Futtaim Retail saw its revenue increase by 15 per cent year over year to Dh8.9bn and Ebitda rise by 23 per cent to Dh467m, contributing about 31 per cent of the group’s Ebitda.
Majid Al Futtaim Ventures saw its revenue increase by 11 per cent to Dh388m and Ebitda rise by about 44 per cent to Dh83m.

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