Majid al Futtaim Holding, the UAE-based operator of Carrefour and City Centre shopping malls in Oman, has reported a ten per cent growth in its revenues for 2011. The company said 2011 revenues touched AED18.7bn (RO1.96bn), with earnings before interest, taxes, depreciation and amortisation (EBITDA) also rising 18 per cent on the 2010 results to reach AED2.7bn (RO283mn).
However, the company, which runs the Carrefour stores in Muscat and Sohar through Majid al Futtaim Retail as well as Muscat City Centre and Qurm City Centre through Majid al Futtaim Properties, did not provide net profit numbers.
A company press release added that Majid al Futtaim Holding, which has operations across the Middle East and North Africa region, holds assets valued at more than AED35bn and a net debt of around AED7.5bn.
An investment-grade rating of BBB was assigned by both Standard and Poor's and Fitch Ratings, which is the highest credit rating assigned to any privately held corporate in the Middle East, the release said.
Company CEO Iyad Malas said growth in revenue and EBITDA, despite the protests last year across the Middle East, was achieved through a strong performance in Dubai. He said, "Diversification across business segments and geographies has been a key driver in ensuring strong operating performance. "In particular, strong performance in Dubai helped to offset any softness resulting from regional turmoil."
© Press Release 2012
