Majid Al Futtaim (MAF), the shopping malls, retail and leisure group based in Dubai, said overall revenue rose by 13 per cent in the first half of 2018, largely driven by its expansion and diversification efforts.
The company, which has operations across Mena and Asia, said revenue grew to Dh17.8 billion and earnings before interest, tax, depreciation and amortisation (ebitda) rose by 4 per cent to Dh2.1bn.
“Our financial results in the first half of the year demonstrate continued growth in the midst of challenging market conditions," said Alain Bejjani, chief executive of MAF - Holding. "Our resilience is strengthened by strategic investments that will future-proof our business and people for the changing world around us."
Mr Bejjani said the firm remained committed to delivering on its growth plans, keeping financial discipline and maintaining careful risk management.
The group’s assets are valued at approximately Dh60.7bn, with a net debt of around Dh11.1bn.
During the first half of 2018, MAF inaugurated its first VOX Cinemas multiplex theatre in Saudi Arabia following the lifting of a 35-year ban on cinemas in the kingdom. The move is part of the firm's plan to open 600 screens in Saudi over the coming five years.
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MAF Ventures’ revenue increased by 13 per cent in the first six months of the year to Dh1.1bn (Dh1.5bn including joint ventures and associates). The diverse portfolio of cinemas, leisure and entertainment, fashion, consumer finance, food and beverage and facility and energy management reported an ebitda increase of 2 per cent to Dh118m.
MAF also opened its first cinema in Kuwait. Three new leisure and entertainment locations were added, including three Magic Planet outlets, the introduction of American Girl to Bahrain and Little Explorers to Saudi Arabia.
The MAF Retail division, meanwhile, added 12 stores, growing its presence to 243 outlets across the Middle East, Africa and Asia. Carrefour signed an agreement with the Egyptian Ministry of Investment and International Cooperation to open up to 100 Carrefour stores in the country. In addition, Carrefour opened its largest distribution centre in the region which acts as a central receiving and quality control point, offering customers access to a wider range of products.
Retail revenue in the first six months of the year was Dh14.6bn, up 15 per cent on the same period last year, while ebitda increased by 11 per cent to Dh600 million. MAF said both results were substantially driven by the acquisition of Retail Arabia in 2017. In Kenya and Egypt, revenue increased 143 per cent and 22 per cent, respectively.
The company’s portfolio of malls across the region grew to 23 destinations with the opening of two new shopping centres, My City Centre Al Dhait in the UAE and My City Centre Sur in Oman. The hotel portfolio increased to 13 properties following the addition of Aloft City Centre Deira.
MAF Properties said it registered revenue growth of 1 per cent in the first six months of 2018, primarily driven by its shopping malls business, to reach Dh2.3bn. Ebitda also increased by 1 per cent to Dh1.5bn, contributing almost 70 per cent of overall group ebitda.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
