Mall operator remains committed to expansions in Lebanon and Egypt
Dubai-based Majid Al-Futtaim Holding (MAF) has reported revenues of AED21.6bn ($5.9bn) for 2012, a 10 per cent rise on the previous year as revenues from operations in Egypt and Bahrain rebounded after the political turmoil of 2011.
The company said sales by tenants in its malls in the two countries were up 24 per cent and 15 per cent respectively. Earnings before interest, taxes depreciation and amortisation (Ebitda), which reflects operational cash flow, grew 7 per cent year-on-year to AED3.0bn.
The firm said that it remains committed to expansion plans in Egypt and Lebanon to try and capitalise on growing disposable incomes in the region.