MAF Holding records 10% revenue rise

RetailME Bureau

Dubai-based Majid Al Futtaim (MAF) Holding has posted a 10% rise in revenues that stands at $3.08billion (AED11.3billion). The group’s ebitda also grew by 11% touching $43.5 million.

MAF Properties that includes numerous malls and hotels contributed 67% of the group’s ebitda. With the opening of Beirut City Centre, MAF’s 12th shopping mall, in April the group’s revenue and ebitda rose by 13%and 10% to $46.3 million and $30 million, respectively. MAF Retail, which operates the Carrefour franchise across Middle East and North Africa (MENA) and Central Asia and added two new hypermarkets and four new supermarkets during the first half of the year, saw sales grow by 9%, with revenues rising to $2.5 billion.The business’ ebitdaincreased by 17% to $128 million and contributed 30% of the group’s ebitda.MAF also owns eight Vox cinemas in the Middle East, with three new ones helping its business, MAF Ventures, increase revenue by 13% to $114 million.

“The first half of 2013 displayed another period of strong growth for MAF and importantly it happened on the back of a strong first-half 2012. Diversification across business segments and geographies led to solid broad-based operating performance,” says MAF CEO Iyad Malas.“We saw a strong performance in the UAE, our home market, with tenants’ sales growing 10% year-on-year; Carrefour sales increasing 7%; and the average occupancy at our comparable hotels was over 88%.This was also supported by 11% revenue growth in other markets, including 7% in Egypt and 9% in Bahrain,” he adds.