Majid Al Futtaim revenues up 14% in first half of 2014

Ahram Online, Wednesday 23 Jul 2014

Dubai-based group and Carrefour franchisee see revenue grow to AED12.8 bn with Ventures income up 21%, Retail up 15 %, and Properties up 10%

Carrefour (Photo: Reuters)

Dubai's Majid Al Futtaim Holding reported a revenue growth of 14 percent in the first half of 2014, compared to the same period of the previous year.

The group, which is sole franchisee of hypermarket chain Carrefour, announced revenues of AED 12.8 billion ($3.5 billion), in its preliminary and unaudited operational and financial results for the first half of the year 2014 on Wednesday.

Revenues from properties, real estate and property services, rose by 10 percent to AED 19 billion.

The Carrefour franchise saw sales go up 15 percent year-on-year as the holding company opened 12 new Carrefour stores, expanding its portfolio to 121 outlets in 12 countries across the Middle East, Central Asia and North Africa.

Ventures, “diverse group of companies that complement the core business via a leading presence in cinemas, leisure and entertainment, as well as businesses in financial services, fashion and healthcare,” saw revenues increasing by 21 percent during the period to AED506 million.

“In the first half of 2014, we received official endorsement from Egypt's Government for our multi-billion Egyptian pound investment plan,” said Iyad Malas, Chief Executive Officer – Majid Al Futtaim Holding LLC.

“While Dubai remains the core of our business, these cornerstones in Majid Al Futtaim's investment strategy in Egypt, Saudi Arabia and Lebanon underlines our confidence in these countries to become investment hubs capable of accommodating major commercial and tourist projects,” he added.

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