Majid Al Futtaim (MAF) has opened a Carrefour store in Kazakhstan as part of plans to expand the hypermarket chain in central Asia, the Dubai-based conglomerate said on Sunday.
“Kazakhstan is a significant long-term growth market for us, and the new Carrefour Grand Park marks the beginning of a significant 5 billion Kazakhstani tenge (Dh52 million) investment programme that will deliver two additional projects in Almaty and Astana, further strengthening our commitment to the country,” said Eric Legros, chief executive of MAF Retail, in a statement.
The conglomerate has exclusive rights to the Carrefour franchise in 38 markets across the Middle East, Central Asia, Africa and Russia. It operates a portfolio of more than 70 hypermarkets and 90 supermarkets in 14 countries. MAF opened a Carrefour in Georgia in 2012 and in Armenia in 2014.
The group posted a 6 per cent increase in earnings last year, as it continued to invest in Dubai and boosted its interests in Oman and Egypt.
Earnings before interest, tax, depreciation and amortization (Ebitda) rose to Dh3.8 billion last year from Dh3.6bn in 2014. Revenue grew 8 per cent to Dh27.3bn last year from Dh25bn a year earlier.
Its retail business recorded 2 per cent growth in Ebitda to Dh1.2bn as the company entered new markets and opened Carrefour supermarkets.
The conglomerate said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf and Egypt.
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