Dubai-based Majid Al Futtaim (MAF), the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA), announced today, Tuesday, January 27, 2015, that it marked strong financial performance and continued growth, one year after its transformational rebrand. The firm is currently preparing for further regional expansion.

MAF’s preliminary and unaudited operational and financial results for the year ended December 31, 2014 confirm another steady year of growth, with total revenues rising by 11% to AED 25 billion ($6.8 billion), the Company announced in a statement, adding that EBITDA from recurring operations grew by 10% year-on-year to AED 3.6 billion.

“The company continues to maintain a strong balance sheet with total assets valued at more than AED 45 billion and a net debt of around AED 8 billion. Both Fitch Ratings and Standard & Poor’s reaffirmed the company’s investment-grade rating of BBB, with a stable outlook during the year”, the statement highlighted.

Commenting on the achievement, MAF Holding CEO Iyad Malas said: “Driven by our vision to create ‘great moments for everyone, every day’, the company’s ongoing modernisation, financial strength, and operational expansion has delivered strong financial performance and positive long-term impact to the region’s emerging markets. Our rebrand united our companies under one umbrella corporate brand identity and vision, to provide synergy and stronger brand equity in all of our markets. This was an important exercise that has helped us position ourselves as pioneers in retail, shopping, leisure and entertainment and to achieve our ambition of doubling the size of the business in the next five years.”

Regarding MAF’s future expansion, Malas said, “We will continue expanding our geographical footprint across the Middle East and North Africa, bringing innovative new experiences to new populations, with a strong focus on Egypt and Saudi Arabia. This is in addition to strengthening our assets and competitive position in our home market of the UAE.”

Regarding MAF’s business unit performance, MAF Properties, which develops, owns and manages the company’s shopping malls, hotels and mixed-use communities increased footfall during the past year at its 13 consolidated shopping malls by 6% to 167 million consumers. Moreover, revenue rose 8% to AED 4 billion and EBITDA rose by 7% to AED 2.4 billion, contributing around 66% of the group’s overall EBITDA.

During 2014, MAF Properties opened Mall of the Emirates’ Fashion District and began the expansion of the mall’s gross leasable area by 25,000 square metres, added to the launch of the ‘My City Centre’ brand for neighbourhood shopping centres with the first opening of the new My City Centre Nasseriya in Sharjah.

Retail holds exclusive rights to the Carrefour franchise in 38 markets across the Middle East, Africa and Central Asia, and currently operates in 12 countries. The retail unit saw the opening of 19 Carrefour stores, creating around 1,700 jobs in 2014. Revenue rose by 11% to AED 21 billion and EBITDA rose by 16% to AED 1.1 billion, contributing around 32% of the group’s EBITDA.

Meanwhile, the Ventures unit, a “diverse group of fast growing companies that complement the core business through their offerings in cinemas, leisure and entertainment, financial services, fashion and healthcare and JVs in facilities management and F&B”, reported strong operational growth with revenue surging by 21% to AED 1 billion and EBITDA by 26% to AED 160 million.

The Ventures business successfully opened three new VOX Cinemas in Oman and Abu Dhabi (37 screens in total), one new Magic Planet, five F&B outlets, six new fashion stores and the first LEGO® Certified Store in the region.

“It also acquired a stake in BEAM Wallet, a mobile payments technology company. At Mall of Egypt, Ventures plans to introduce Ski Egypt, a state of the art indoor ski slope in addition to opening a 21-screen VOX Cinema, the largest multiplex in the country,” according the MAF’s statement.

Worth noting, MAF issued its first 10-year $500 million bond in May 2014, extending the average life of the company’s debt portfolio, and marking the first 10-year issuance out of Dubai since 2010, and the longest tenure achieved by a Dubai corporate issuer.