MAF records robust business results


March 31, 2014 | By RetailME Bureau

UAE-based Majid Al Futtaim (MAF) has recorded a 10% year-on-year (y-o-y) increase with its overall group revenue touching $6.26 billion in 2013. The company recorded 11% increase in pre-tax profit to $898 million in the same year due to improved profitability of the company’s shopping malls and hotels. The company’s earnings before interest, depreciation, taxes and amortisation (EBIDTA) result was influenced by 14% growth in its properties business as well as 6% growth in its retail division over 2012.

Among its activities in 2013, MAF opened Beirut City Centre, a new hotel in Bahrain, eight new Carrefour hypermarkets and 10 supermarkets, four cinema sites, three family entertainment sites and its first healthcare clinic in the UAE. The company has also unveiled a new branding after announcing a $5 billion, five-year investment strategy across the Middle East. In January MAF said it will invest another $816.7 million over the next five years to expand its business in the emirate, seeking to take advantage of a trade and tourism boom at its home base. MAF, which owns and operates 12 shopping malls in the MENA region is expanding aggressively in the Middle East with an aim to double the size of its business by 2018.

“We saw solid top line growth for the business last year. Revenue growth remained stable at 10% y-o-y, while EBITDA grew by 11%, reflecting strong performance across all parts of the business. We not only delivered robust business results but have also increased efficiency by uniting our companies under one umbrella corporate brand – Majid Al Futtaim – as we embark on the next chapter of our regional expansion plans,” says Iyad Malas, MAF Holding CEO.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



“It sounds like this, Luh Pan Koh-ti-dyan and means ‘the daily bread’, 

Continue Reading

December 6, 2021 | By Zubina Ahmed

The long weekend might be over but the Etisalat Beach Canteen 2021 

Continue Reading

December 5, 2021 | By RetailME Bureau

UAE gears up to celebrate this year’s National Day celebrations in the 

Continue Reading

November 28, 2021 | By Zubina Ahmed

UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online 

Continue Reading

November 18, 2021 | By RetailME Bureau

Amazon.ae announced that the 11.11 sale is back once again this year 

Continue Reading

November 8, 2021 | By RetailME Bureau

Abu Dhabi Cooperative Society’s COOP City store is now open in Lake 

Continue Reading

November 3, 2021 | By RetailME Bureau

Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau




Download Images RetailME Magazine