Majid Al Futtaim marks 29% increase in net profit in 2015

EMIRATES BUSINESS

Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, has released its audited financial results for full year ended December 31, 2015, which follows the release of the company’s detailed trading statement on 1 February 2016. The full financial statements can be viewed on the company’s website: majidalfuttaim.com
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said: “Our business continued to grow throughout 2015, allowing us to record an 8% growth in revenue. In the face of a softening in global economy, we achieved growth by continuing to move forward with a number of large scale projects, through which we exported our vision to ‘create great moments for everyone every day’ to more markets and more customers. This included completion of our redevelopment of City Centre Muscat, addition of 36,000 sqm of space at Mall of the Emirates and expansion of City Centre mall network with the opening of City Centre Me’aisem and City Centre Shindagha in Dubai. We truly believe in the potential of the MENA region and look forward to delivering solid results in the years to come as we continue to grow our business in new markets in the region and beyond.”

Key Financial Highlights
• Net profit from continuing operations rose by 29% to AED 3.3 bn
• Overall group revenue up 8% year-on-year to AED 27.3 billion for full year 2015
• EBITDA up 7% at AED 3.8 billion
• Issued its first 10 year USD 500 million Sukuk
• BBB credit rating reaffirmed by Fitch Ratings and Standard & Poor’s in June 2015

Key Corporate Highlights
• 2015 marked the 20th anniversary of City Centre Deira
• Successful opening of new Mall of the Emirates 36,000 sqm expansion and completion of City Centre Muscat’s 10,000 sqm redevelopment
• VOX Cinemas was the fastest growing cinema chain, adding 58 new screens in the region
• 9 new Carrefour hypermarkets, 11 new supermarkets and 5 convenience stores added
• City Centre network expanded to 13 malls in the region with the opening of City Centre Me’aisem and City Centre Shindagha
• Apple’s first flagship store launched in MENA at Mall of the Emirates
• Opened Hilton Garden Inn Dubai Mall of the Emirates, the group’s first LEED Gold hotel
• Achieved 11 sustainability awards, with City Centre Mirdif becoming the largest mall in the world to receive LEED Gold accreditation
• City Centre Me’aisem awarded for its excellence in sustainability with LEED Platinum title