Majid Al Futtaim, the Dubai-based shopping mall, leisure and retail firm has reported an astounding revenue growth of 8% in its revenue during the year 2015. The total income generated by the business was AED 27.3 billion ($7.43 billion) in 2015.
Majid Al Futtaim is one of the largest privately-owned firms in Dubai. The company owns and operates 11 hotels and 17 shopping malls in the MENA region. Along with that, it also holds the franchise for French supermarket chain, Carrefour in 38 markets in the Middle East, Central Asia and Africa.
The revenue has generated EBITDA, earnings before interest, tax, depreciation and amortization of 3.8 billion dirhams showcasing an increase of 6% when compared to 2014’s EBITDA. However, the firm did not disclose its net profit yet.
Majid Al Futtaim’s shopping malls
The company expanded its portfolio extensively in 2015, which resulted in an increase of 7% revenue equaling AED 4 billion while EBITDA rose by 9% amounting to AED 2.6 billion. The occupancy of Majid Al Futtaim’s shopping malls remained stable at a value of 98%.
The retail business witnessed a revenue increase by 7% to AED 22 billion and EBITDA escalated by 2% to 1.2 billion dirhams. The firm’s entry into new markets and the opening of additional stores in the existing markets drove the revenue.
According to the Istathmir research – Majid Al Futtaim, healthcare, leisure and entertainment, fashion, cinemas, food and beverage and consumer finance have seen a revenue increase of 34%, equaling 1.4 billion dirhams.
VOX Cinemas took the cinema industry by storm as it became the fastest growing cinema chain in the MENA region and saw a remarkable increase of 40% in the ticket admissions. Apart from VOX, 58 other screens were also launched by the firm.
In spite of the economic setback in the region, the company also discussed their future plans as they have several, large-scale development programs in the pipeline for Africa, Egypt and Saudi Arabia. The company is all set to expand in Africa and as of now focusing on development in Eastern and Southern African nations with Kenya set to be the first destination for Carrefour in 2016.
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