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FINANCIAL NEWS
UAE’s MAF profit up 11 percent in 2013
01 Apr 2014
(MENAFN) Pre-tax profit of UAE shopping mall, retail and leisure company Majid Al Futtaim (MAF) saw 11 percent rise, reaching USD898 million in 2013, according to Arabian Business.
The company could make the profit from improved profitability in the company”s shopping malls and hotels.
UAE-based Majid Al Futtaim posted 3 percent rise in retail business on higher rents from malls and improved hotels RevPAR.
In 2013, MAF has launched Beirut City Centre, Majid Al Futtaim”s first shopping mall in the Levant region, as well as a new hotel in Bahrain, eight new Carrefour hypermarkets and 10 supermarkets, four cinema sites, and a number of other projects.
Majid Al Futtaim has purchased 25 percent stake owned by Carrefour S.A. in Majid Al Futtaim Hypermarkets LLC for USD694 million.
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