17 Sep 2012
(MENAFN) Dubai-based conglomerate Majid Al Futtaim (MAF) Holding reported a 17 percent increase in half-yearly profits, as tenants’ sales at its malls recovered, Arabian Business reported.
The mall developer said profits before interest, taxes, depreciation, and amortisation (EBITDA) hit USD408 million during the first half of 2012.
The company also reported a 15 percent increase in half-yearly revenue to USD2.9 billion, while total assets amounted to USD10.1 billion.
Iyad Malas, CEO of Majid Al Futtaim Holding, attributed the positive balance sheet to a recovery in revenue from markets previously impacted by the Arab Spring uprisings, with tenant sales increasing about 44 percent in Egypt and about 23 percent in Bahrain.
Majid Al Futtaim Properties, which accounts for 64 percent of the group’s overall EBITDA, reported 16 percent increase in revenue to USD408.3 million during the period.
Majid Al Futtaim Retail, which accounted for 31 percent of the group’s EBITDA, reported 15 percent increase in revenue to USD2.4 billion, while Majid Al Futtaim Ventures’ revenue rose 11 percent to USD105.61 million.
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