Dubai: Majid Al Futtaim (MAF), a Dubai-based retail and hospitality company, said Tuesday that its revenue for 2014 grew by 11 per cent compared with 2013.
While revenue reached Dh25 billion, earnings before interest, taxes, depreciation and amortisation (EBITDA) for recurring operations rose 10 per cent to Dh3.6 billion compared with 2013. The company did not provide a profit figure for 2014.
“Driven by our vision to create ‘great moments for everyone, every day’, the company’s ongoing modernisation, financial strength and operational expansion has delivered strong financial performance and positive long-term impact to the region’s emerging markets,” said Eyad Malas, chief executive at MAF Holding, in a statement.
The company saw growth across all of its units in 2014. Revenue and ebitda for MAF Properties grew by 8 per cent to Dh4 billion and 7 per cent to Dh2.4 billion respectively. MAF Retail recorded an 11 per cent growth in revenue to Dh21 billion and an ebitda of Dh1.1 billion, up 16 per cent.
MAF Ventures, which looks after the leisure, entertainment and fashion side of the business, saw revenue increase by 21 per cent to Dh1 billion and ebitda by 26 per cent to Dh160 million.
Over the next five years, MAF is planning to double the size of its business, with additional hypermarkets and supermarkets, as well as family entertainment centres, planned. MAF’s total assets are valued at more than Dh45 billion and it has a net debt of around Dh8 billion.
“We will continue expanding our geographical footprint across the Middle East and North Africa, bringing innovative new experiences to new populations, with a strong focus on Egypt and Saudi Arabia. This is in addition to strengthening our assets and competitive position in our home market of the UAE,” Malas said.
