Majid Al Futtaim 2013 revenue soars to $6.3bn
Dubai, March 31, 2014
Dubai-based Majid Al Futtaim, a leading shopping mall, retail and leisure pioneer in the region, said its overall group revenue increased 10 per cent year-on-year to hit Dh23 billion ($6.3 billion) in 2013.
Announcing its results for the year ended December 31, 2013, MAF said the ebitda also surged 11 per cent year-on-year to Dh3.3 billion.
The UAE retailer pointed out that it had a strong balance sheet with assets over Dh39 billion.
Commenting on the performance, Majid Al Futtaim Holding CEO Iyad Malas said it was a year of solid top line growth for the business in 2013. "Revenue growth remained stable at 10 per cent year-on-year, while ebitda soared, 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," he stated.
A key highlight of MAF's dealing last year was the purchase of a 25 per cent minority stake owned by Carrefour in Majid Al Futtaim Hypermarkets for Dh2.55 billion.
The year also witnessed the top UAE retailer issue CEEMEA’s first ever dollar denominated corporate hybrid bond.
"MAF witnessed an improved debt profile with significant reduction in secured debt to less than 10 per cent of total debt and early refinancing of maturities via syndication of a $1.6 billion revolver line," noted Malas.
Another key highlight of 2013 was the group's unveiling of its new brand direction to link the business units.
MAF also opened the new Beirut City Centre, its first shopping mall in the Levant region, besides adding eight new Carrefour hypermarkets and 10 supermarkets during the year, said Malas.
A leading player in the retail sector, MAF owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in Mena region, with further developments underway.
This includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Sharjah government. It holds exclusive rights to the Carrefour franchise in 19 markets across Mena and Central Asia, operating a portfolio of over 50 hypermarkets and over 50 supermarkets in 12 countries.
MAF also operates 92 VOX Cinemas screens and 17 Magic Planets across the region in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai among others.
Despite a difficult economic climate, MAF Group maintained its BBB credit rating with both Fitch and Standard and Poor’s giving it a stable outlook.-TradeArabia News Service