Majid Al Futtaim's preliminary and unaudited operational and financial results for the first half of the year 2014 confirmed strong performance across its businesses. “The first half of 2014 displayed another period of robust growth for us and even more importantly it happened on the back of a strong 2013,” said Iyad Malas, Chief Executive Officer - Majid Al Futtaim Holding LLC. The company's revenues were up 14 percent compared to the first half of last year. Also, its EBITDA (earnings before interest, taxes, depreciation and amortization) from recurring operations increased by 13 percent to AED1.8 billion. Majid Al Futtaim's performance in the first half of the year is credited to the growth across its three business segments, retail, properties and ventures. Properties, MENA's leading diversified real estate and property services company, saw its revenue increase by a strong 10 percent to AED1.9 billion and EBITDA rise by around 12 percent to AED1.2 billion. The company's malls saw footfall of 83 million through the period, an increase of 6 percent from 2013 first half levels, while revenue per available room at the company's 11 hotels increased by 15 percent from prior levels, with year-to-date occupancy rates of over 80 percent. Retail, the business unit that owns and operates the Carrefour franchise, saw sales up about 15 percent year-on-year, to AED10.5 billion in H1 2014. The business's EBITDA rose by 21 percent to AED553 million. In the first half of 2014, Majid Al Futtaim Retail opened 12 new Carrefour stores, expanding its portfolio to 121 outlets in 12 countries across the Middle East, Central Asia and North Africa. — SG
