Majid Al Futtaim Reports Strong Revenue Growth

 

The year seems to be promising for Dubai based mall operator Majid Al Futtaim as the retail giant is seeing the increase in revenue graph which upped a further 7 per cent in the last six months. In a revenue statement, it has reported AED 13.7 billion in the last six months.

Majid Al Futtaim’s preliminary and unaudited operational and financial results for the year ended 31st December 2014 also showed total revenue growth by 11% to AED 25 billion. EBITDA from recurring operations grew by 10% year-on-year to reach AED 3.6 billion.

With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region. Additional hypermarkets and supermarkets, as well as family entertainment centres, are also planned.

This expansion, combined with Majid Al Futtaim’s commitment to create positive economic impact in the countries in which it operates, will deliver thousands of new jobs in the region and create exciting destinations to support tourism growth.

“Driven by our vision to create ‘great moments for everyone, every day’, the company’s ongoing modernisation, financial strength, and operational expansion has delivered strong financial performance and positive long-term impact to the region’s emerging markets. Our rebrand united our companies under one umbrella corporate brand identity and vision, to provide synergy and stronger brand equity in all of our markets. This was an important exercise that has helped us position ourselves as pioneers in retail, shopping, leisure and entertainment and to achieve our ambition of doubling the size of the business in the next five years,” shared Iyad Malas, Chief Executive Officer, Majid Al Futtaim – Holding.

The company also plans to expand its presence in the Middle East and North Africa with a strong focus in Egypt and Saudi Arabia.

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