Majid Al Futtaim to pursue projects on earnings optimism | The National

Majid Al Futtaim to pursue projects on earnings optimism | The National:

"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates, said yesterday it plans to forge ahead with expansion projects after reporting a 7 per cent increase in its first-half revenues.

The conglomerate, which operates 19 shopping malls, said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf countries and Egypt. "Going forward, we will press ahead with our expansion plans, while developing our business in existing and new markets when the right opportunities are identified and with a continued commitment to our prudent financial and risk management approach," said the chief executive Alain Bejjani in a statement on Wednesday.


Earnings before interest, taxes, depreciation and amortization (ebitda) rose 7 per cent to Dh1.9 billion in the first half of this year, compared with Dh1.8bn in a year-earlier period, the company said. First-half revenue rose 11 per cent to Dh15.2bn from Dh13.7bn a year earlier. The company did not publish net profit figures."



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