Majid Al Futtaim records 8% growth in revenue, 29% increase in net profit

RetailME Bureau

Majid Al Futtaim, one of the leading shopping mall, retail and leisure pioneers across the Middle East and North Africa, released its audited financial results for full-year ended December 31 2015.

The company’s net profit from continuing operations increased by 29% to AED3.3 billion, while the overall group revenue went up 8% year-on-year to AED7.3 billion for full-year 2015. In addition, EBITDA rose 7% at AED3.8 billion.

Some landmarks for Majid Al Futtaim in 2015 include the 20th anniversary of City Centre Deira; successful opening of the new Mall of the Emirates extension spanning 387,500 sqft and expansion and completion of City Centre Muscat’s 107,640 sqft redevelopment; the City Centre network expanded to 13 malls in the region with the opening of City Centre Me’aisem and City Centre Shindagha; VOX Cinemas was the fastest growing cinema chain adding 58 new screens in the region; nine new Carrefour hypermarkets, 11 new supermarkets and five convenience stores were added; Apple’s first flagship store launched in the MENA region at Mall of the Emirates; City Centre Mirdif became the largest mall globally to receive LEED Gold accreditation; City Centre Me’aisem was awarded for its excellence in sustainability with LEED Platinum title.

“Our business continued to grow throughout 2015, allowing us to record an 8% growth in revenue. In the face of softening in global economy, we achieved growth by continuing to move forward with a number of large-scale projects, through which we exported our vision to ‘create great moments for everyone every day’ to more markets and more customers,” says Alain Bejjani, CEO, Majid Al Futtaim – Holding.

“We truly believe in the potential of the MENA region and look forward to delivering solid results in the years to come as we continue to grow our business in new markets in the region and beyond,” he adds.