Dubai’s Majid Al Futtaim Says H1 Revenues Jump 14%

Dubai-based shopping mall developer Majid Al Futtaim (MAF) reported a 14 per cent increase in first-half revenues on Wednesday, citing growing earnings across its business units.

The firm, which owns and operates the Carrefour franchise in the Middle East, made Dhs12.8 billion ($3.5 billion) in the six months to June 30, it said in a statement.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) from recurring operations rose 13 per cent year-on-year to Dhs1.8 billion in the same time period.

MAF, builder of Dubai’s indoor ski slope, said it recorded growth across its three business units.

Sales at its retail operations grew by 15 per cent to Dhs10.5 billion, while its properties business yielded Dhs1.9 billion of revenue, up 10 per cent year-on-year.

Its ventures unit, which comprises leisure and entertainment assets, posted revenue of Dhs506 million, up 21 per cent on the corresponding period of 2013.

In March, the company said it planned to invest Dhs275 million over the next two years on building a mall as part of a bigger plan to invest Dhs3 billion in Dubai before the emirate hosts the 2020 World Expo.