UAE: H1 earnings up at Carrefour franchisee Majid Al Futtaim
- EBITDA up 17%
- Net sales grow 15%
- All three business units grow
Majid Al Futtaim, Carrefour's franchisee in the Middle East and north Africa, has recorded an increase in first-half profits as the group recorded "strong" growth across its business.
In the six months to the end of June, the retail, leisure and property group reported a 17% increase in EBITDA to AED1.5bn (US$408.4m). Sales in the period amounted to AED10.75bn, a 15% increase.
The firm saw growth in all three business divisions. In retail, revenue grew 15% year-on-year to AED8.9bn and EBITDA rose 23% to AED467m. Including its first store in Iraq, the business opened six new Carrefour hypermarkets in the first half, bringing the total to 49 hypermarkets and 38 supermarkets.
"2012 has already been a successful and busy year for us," said CEO Iyad Malas. "We opened our 11th shopping mall in Fujairah in April of this year with full retailer occupancy. We have seen turnarounds in markets previously impacted by the Arab spring, with tenant sales increasing about 44% in Egypt and about 23% in Bahrain, in the first half of the year."
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