July 23, 2014 / 9:38 AM / 3 years ago

Dubai's Majid Al Futtaim says H1 revenues jump 14 pct

DUBAI, July 23 (Reuters) - Dubai-based shopping mall developer Majid Al Futtaim (MAF) reported a 14 percent increase in first-half revenues on Wednesday, citing growing earnings across its business units.

The firm, which owns and operates the Carrefour franchise in the Middle East, made 12.8 billion dirhams ($3.5 billion) in the six months to June 30, it said in a statement.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) from recurring operations rose 13 percent year-on-year to 1.8 billion dirhams in the same time period.

MAF, builder of Dubai’s indoor ski slope, said it recorded growth across its three business units.

Sales at its retail operations grew by 15 percent to 10.5 billion dirhams, while its properties business yielded 1.9 billion dirhams of revenue, up 10 percent year-on-year.

Its ventures unit, which comprises leisure and entertainment assets, posted revenue of 506 million dirhams, up 21 percent on the corresponding period of 2013.

In March, the company said it planned to invest 275 million dirhams over the next two years on building a mall as part of a bigger plan to invest 3 billion dirhams in Dubai before the emirate hosts the 2020 World Expo.

$1 = 3.6728 United Arab Emirates Dirhams Reporting by Nadia Saleem; Editing by David French

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