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Dubai - Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, has today released its audited financial results for full year ended 31 December 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
Key Financial Highlights
· Net profit from continuing operations increased by 29% to AED 3.3 billion
· 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 the 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 the MENA region 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
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 the completion of our redevelopment of City Centre Muscat, the addition of 36,000 sqm of space at Mall of the Emirates and the expansion of our 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."
The full financial statements are accessible via the company website: majidalfuttaim.com
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Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 14 international markets, employing more than 30,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 19 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operates a portfolio of more than 150 outlets in 14 countries.
Majid Al Futtaim operates 182 VOX Cinema screens and 22 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' and "Voyager" credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates a network of City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also operates in the food and beverage industry through a partnership with Gourmet Gulf.
© Press Release 2016
