Dubai's leading retailer hit $3 billion in revenues in H1/2013

Ahram Online, Thursday 25 Jul 2013

United Arab Emirates-based company Majid Al-Futtaim announces 10 percent rise in revenues during the first six months of 2013

Dubai’s Majid Al-Futtaim (MAF), the leading retailer across the MENA region, announced Thursday its trading results for the first half of 2013, which hit $3 billion, a 10 percent rise compared to the same period in 2012.

MAF stated that its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by 11 percent during the first six months of 2013, reaching $0.44 billion.

Egypt’s Al-Ahram Arabic-language news website reported recently that MAF has decided to increase its investments to LE3.2 billion ($0.46 billion) compared to a total of LE600 million (roughly $85.7 million).

MAF, with total assets valued at over $10.6 billion, announced in May its full ownership of the Carrefour franchise in the MENA region, after already having purchased a 25 percent minority stake in the renowned worldwide retailer. MAF stated that the acquisition was worth $682.6 million.

In April, Reuters reported that MAF was in advanced negations over the purchase of Egypt's largest supermarket chain from the family-owned Mansour Group.

A due diligence process for the purchase of Mansour Group's Metro chain and discount grocery store Kheir Zaman has been concluded. Mansour Group's retail businesses are worth an estimated $200 to $300 million.

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