Retail and real estate conglomerate defies slowdown
Dubai-based Majid al-Futtaim has reported a 28.8 per cent increase in net profit on continuing operations, rising from AED2.6bn ($708m) in 2014 to AED3.3bn in 2015.
Its revenue grew 8.2 per cent to AED27.3bn in 2015, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 6.9 per cent to AED3.8m.
Majid al-Futtaims properties business contributed 68 per cent of EBITDA and retail 31 per cent.
The groups non-current assets reached AED45.9bn.
In 2015, Majid al-Futtaim completed the expansion of two shopping malls, including Mall of the Emirates, and opened two City Centre malls. It also opened 25 new Carrefours in the region, including nine hypermarkets, and a Hilton hotel.
It issued a $500m 10-year sukuk (Islamic bond) in November, with a coupon rate of 4.5 per cent.
The group is planning a $3.7bn retail investment in Saudi Arabia.
This clarifies preliminary results issued in February.
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