Majid Al Futtaim today reported its preliminary and unaudited operational and financial results for the year ended 31 December 2013 , confirming another year of strong performance across its businesses. Financial summary: FY 2012 versus FY 2013 2013 was another year of strong operational performance for Majid Al Futtaim , with total revenues reaching AED 23 billion, growing by 10%. EBITDA from recurring operations grew by 12% year-on-year to reach AED 3.3 billion. Majid Al Futtaim continues to maintain a strong balance sheet with total assets valued at over AED 39 billion and a net debt of around AED 7 billion. An investment-grade rating of BBB was once again re-affirmed in 2013 by both Standard & Poor's and Fitch Ratings. Commenting on the company's performance, Iyad Malas , Chief Executive Officer - Majid Al Futtaim Holding , said: "This was another very good year for the company. We have not only delivered robust business results but have also united our companies under one umbrella corporate brand – Majid Al Futtaim – as we embark on the next chapter of our expansion plans." Business Units' Performance Properties , the leading MENA region developer, owner and manager of shopping malls and developer and investor in hotels and mixed-use developments, saw its revenue increase by a strong 13% to AED 3.5 billion and EBITDA rise by around 14% to AED 2.2 billion, contributing about 67% of the group's EBITDA. The company's malls saw footfall of 157 million through the period, an increase of 7% from 2012 levels, while revenue per available room at the company's 11 hotels increased by 20% from prior levels. Retail, the business unit that operates the Carrefour franchise completed a strategic acquisition of the minority shareholding from Carrefour SA to become 100% owner of its retail business. The company also extended the scope of its franchise agreement with Carrefour S.A. to include several new markets in Africa and Central Asia . The operating performance saw 9% growth in sales during 2013 with revenues rising to AED 18.7 billion. The business's EBITDA rose by 9% to AED 1 billion, contributing 31% of the group's EBITDA. In 2013, Majid Al Futtaim Retail added 8 new hypermarkets and 10 new supermarkets, expanding its portfolio to 56 hypermarkets and 53 supermarkets in 12 countries across the Middle East , North Africa and Central Asia . Ventures is a diverse group of companies that complement the core business via leading presence in cinemas, leisure and entertainment, financial services and fashion. The group also recently expanded into healthcare. In 2013, Ventures achieved strong operational growth with revenue increasing by 16% to AED 891 million. The business successfully opened 3 new Magic Planets, 4 VOX Cinemas and 11 fashion stores and the first multispecialty healthcare clinic. EBITDA for the year was at AED 148 million, an increase of around 1% driven by the investments made for future growth. New brand direction and growth plans In December 2013 , the company unveiled a new brand direction to unite its broad group of companies under one umbrella corporate brand – Majid Al Futtaim . The rebrand signifies a major investment in the company's future as it prepares for expansion in both new and existing markets. The all-encompassing brand strategy adopts the iconic symbol of 'M' across the visual identity of the company's brands to create a unifying mark of excellence across its diverse set of assets including City Centre Malls, VOX Cinemas, Carrefour, Magic Planet , Najm Credit Cards, Ski Dubai and Mall of the Emirates. Through this rebranding, Majid Al Futtaim aims to strengthen the understanding of its offerings and create a closer link between its corporate brand and its assets, along with the assurance of excellence associated with the Majid Al Futtaim name behind the brands. Expansion plans Several large scale projects are currently under construction in both existing and new markets. In an initiative to support the " Dubai 2020" tourism vision, Majid Al Futtaim has major plans to invest over AED 3 billion on extending and enhancing its Dubai businesses over the next five years. The plans include: two new hotel developments; renovating two existing hotels; redeveloping its flagship Mall of the Emirates and Deira City Centre shopping malls; opening four new Carrefour supermarkets and two new hypermarkets; as well as building a new 14-screen cinema complex. The company is also evaluating additional expansion options in Dubai that include the development of a new community mall. Mr. Malas commented, "We continue to make significant progress with key organic growth in the retail market. In 2013, we expanded our footprint into the Levant region through the opening of Beirut City Centre . Future growth in the Middle East and North Africa will be driven by regional large-scale expansion plans for our portfolios in Egypt in addition to new malls envisaged in the Kingdom of Saudi Arabia and Oman , and residential projects in Lebanon , in addition to hypermarkets, cinemas, family entertainment centres and snow park openings. These expansion plans will be carried out with the careful attention to quality, responsibility to community and last but not least, prudent financial and risk management approach, which is typical of Majid Al Futtaim. "
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