Majid Al Futtaim registers 9% growth in 2016
The company showed resilient growth with its EBITDA increasing by 8% to reach $1.1bn (AED4.1bn) last year due to a number of new developments and expansions
Majid Al Futtaim registered revenue growth of 9% in 2016, ending the year at $8bn (AED29.9bn) due to the addition of several new developments and expansions.
In reporting on its preliminary and unaudited operational and financial results for the full year 2016, the company showed resilient growth with its EBITDA increasing by 8% to reach $1.1bn (AED4.1bn) last year.
Performance was largely driven by the addition of several new hypermarkets, supermarkets and family entertainment centres across the group’s geographic footprint.
The company continues to maintain a strong balance sheet with total assets valued at around $14bn (AED53bn) and a net debt of around $2.6bn (AED9.6bn).
Al Futtaim expects to continue on this growth, especially with a number of major expansion plans recently announced across the region for the upcoming year.
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim - Holding, said: “Our company continues to deliver excellent results, demonstrating the strength of both our business model and our ability to capitalise on new opportunities, while navigating market challenges.
“This gives us great confidence that we can continue our growth trajectory in 2017, a year that will see us intensify the integration of our offline and online worlds in line with increasing demand for seamless omnichannel experiences.”
Bejjani added that Al Futtaim will continue expansion plans in markets including the UAE, Egypt, Oman, and Saudi Arabia and aims to strengthen the company’s presence in Africa and Central Asia.
In Egypt, expansion continues with The Mall of Egypt set to open in Q1 2017 and City Centre Almaza, the third City Centre in Egypt, is due to open in 2019.