Majid Al Futtaim posts strong H1 growth
- United Arab Emirates: Tuesday, September 18 - 2012 at 12:57
Dubai-based shopping mall, retail and leisure group Majid Al Futtaim has posted strong growth in the first half of this year, Emirates 24-7 has reported. The group's gross revenues rose 15% year-on-year to Dhs10.7bn, while its Ebitda from recurring operations grew by 17% year-on-year to more than Dhs1.5bn. Total assets are valued at Dhs37bn and net debt is Dhs7.3bn, the firm said. "2012 has already been a successful and busy year for us," said Iyad Malas, CEO of Majid Al Futtaim Holding. "We opened our 11th shopping mall in Fujairah in April with full retailer occupancy. Tenant sales rose about 44% in Egypt and about 23% in Bahrain, in the first half of the year. Tenant sales in the UAE and Oman grew by 13%," he said.
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