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."
On Thursday, two of the world's largest food retailers will report their 2012 financial results and, more importantly, try to convince investors their moves to improve their operations in key markets ...
In a week of results from major retailers, Carrefour cheered the market with improvement in France, upmarket UK grocer Waitrose highlighted its strong year and Belgium's Delhaize insisted its business...
- Premier Foods CEO expects UK supermarket rebound
- Unilever must "speed" response to consumer trends
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- Emerging markets online: India's food retail scene
- Food industry news of week: Unilever, PepsiCo
- Tootsie Roll CEO Melvin Gordon dies at 95
- Post Holdings strikes deal to acquire MOM Brands
- Chobani launches Tots infant range
- Monde Nissin "to acquire Menora"
- 10 Key Trends in Food, Health and Nutrition 2015
- The Sugar Backlash and its Effects on Global Consumer Markets
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019