The Dubai-based conglomerate Majid Al Futtaim (MAF) posted a 28.7 per cent increase in net profit last year thanks in large part to higher valuations for its investment properties.
MAF’s net profit attributable to equity holders rose last year to Dh3.28 billion from Dh2.5bn a year earlier, the company said yesterday.
Earnings before interest, tax, depreciation and amortization (Ebitda) increased 7 per cent to Dh3.8bn last year from Dh3.6bn in 2014. Revenue grew 8 per cent to Dh27.3bn, from Dh25bn a year earlier.
The net gain on the valuation of MAF’s investment properties amounted to Dh1.12bn last year versus Dh767m in 2014. The company did not specify which of its properties had earned higher valuations.
The conglomerate, which operates 19 shopping malls including Mall of the Emirates, said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf countries and Egypt.
“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,” said Alain Bejjani, the chief executive of MAF.
The conglomerate plans to expand farther in Africa, with a focus on eastern and southern nations.
MAF, which has exclusive rights to the Carrefour supermarket franchise in 38 markets across the Middle East, Africa and Central Asia, plans this year to establish its first outlet in Sub-Saharan Africa, in Kenya.
MAF is bullish about Egypt, having announced last year its plan to increase investment in the North African country to 22.5bn Egyptian pounds (Dh9.26bn) from 18bn pounds.
dalsaadi@thenational.ae
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