Dubai retail giant says 2015 net profit jumps 29% to $898m

Majid Al Futtaim chief says revenues increased by 8% on back of development of 'large scale projects'
Dubai retail giant says 2015 net profit jumps 29% to $898m
By Staff writer
Tue 29 Mar 2016 10:02 AM

Majid Al Futtaim, the Dubai-based shopping mall operator, has announced that its net profit from continuing operations increased by 29 percent to AED3.3 billion ($898.4 million) during 2015.

The retail giant said in a statement that overall group revenue rose by 8 percent year-on-year to AED27.3 billion for full year 2015.

The year saw the successful opening of the new Mall of the Emirates 36,000 sq m expansion and completion of City Centre Muscat's 10,000 sq m redevelopment while the company's VOX Cinemas unit was the fastest growing cinema chain, adding 58 new screens in the region.

The company also added nine new Carrefour hypermarkets, 11 new supermarkets and five convenience stores, the statement said, adding that its City Centre network expanded to 13 malls in the region with the opening of City Centre Me'aisem and City Centre Shindagha.

Alain Bejjani, CEO at Majid Al Futtaim Holding, said: "Our business continued to grow throughout 2015, allowing us to record an 8 percent growth in revenue.

"In the face of a softening in global economy, we achieved growth by continuing to move forward with a number of large scale projects, through which we exported our vision to 'create great moments for everyone every day' to more markets and more customers... we look forward to delivering solid results in the years to come as we continue to grow our business in new markets in the region and beyond."

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