By Staff writer
Shopping mall operator Majid Al Futtaim also says Mall of Egypt project on track for 2016 completion
Dubai-based shopping mall operator Majid Al Futtaim on Tuesday said its overall group revenue rose 11 percent year-on-year to AED25 billion ($6.8 billion) in 2014.
The company said in a statement that earnings before interest, taxes, depreciation and amortization (EBITDA) from recurring operations grew by 10 percent year-on-year to reach AED3.6 billion.
Alain Bejjani, CEO at Majid Al Futtaim – Holding, said the company aims to double the size of its business in the next five years.
He said in a statement: “The company’s financial strength and operational expansion in our home market of the UAE, as well as across the wider Middle East and North Africa, has delivered strong financial performance across all areas of the business.
"We strengthened our assets and competitive position by continuing to execute on our vision to ‘create great moments for everyone every day’, developing exciting new destinations and bringing new experiences to new populations.”
The statement added that MAF's Mall of Egypt construction is on schedule to be completed in 2016.
The company said it continues to maintain a strong balance sheet with total assets valued at more than AED45 billion and a net debt of around AED8 billion.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.