Monday, Mar 26, 2012
DUBAI (Zawya Dow Jones)--Majid Al Futtaim Holding, a Dubai-based property, hospitality and retail group, Monday said revenues climbed 10.4% last year as its businesses thrived despite political turmoil in the region.
The company's revenues reached 19.59 billion U.A.E. dirhams ($5.34 billion) in 2011, the company said in an emailed statement, up from AED17.74 billion a year earlier.
Earnings before interest, taxes, depreciation and amortization were AED2.81 billion last year, up 18.8% on the year before, the company said. Majid Al Futtaim did not disclose its net profit.
"We had an excellent year despite political and social turmoil in some of the [Middle East and North Africa] markets, a true testimonial to the resilience of our business fundamentals," said Iyad Malas, the chief executive.
Majid Al Futtaim Holding operates shopping malls in Oman, Egypt and across the U.A.E., including the Mall of the Emirates. It also has a variety of hotels and mixed-use projects in its portfolio, and operates Carrefour hypermarkets in the region.
The firm in January sold a $400 million Islamic bond, its first such offering. The company last year refinanced about $1.5 billion of debt originally due 2012, according to a recent Fitch Ratings report, but still had almost AED4 billion of debt maturing or amortizing in the next two years.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-03-12 0745GMT
