Emaar Malls records 6% growth in net profit

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of 1.506 billion dirhams ($410 million) during the first nine months of 2017. This is a growth of 6 percent over the net profit of 1.422 billion dirhams ($387 million) during the same period in 2016.

The total revenue for the first nine months of the year was 2.5 billion dirhams ($681 million), which is 5 percent higher than the revenue of 2.39 billion dirhams ($651 million), during the same period last year.

Emaar Malls completed the acquisition of leading Middle East online fashion retailer Namshi on Aug. 16, marking a milestone in its digital-oriented growth. Following Emaar Malls’ acquisition, Namshi recorded sales of 196 million dirhams during Q3 of 2017, an increase of 39 percent compared to the same period in 2016.

Emaar Malls reported Q3 2017 revenue of 876 million dirhams ($238 million), 13 percent higher than Q3 2016 revenue of 774 million dirhams ($211 million), contributed in part by the consolidation of Namshi revenue. Net profit was 485 million dirhams ($132 million) during Q3 2017, an 11 percent growth compared to the thirdquarter of 2016. With a gross leasable area (GLA) of 6 million sq. ft in Dubai, GLA occupancy levels across Emaar Malls’ assets averaged 95 percent during the first nine months of 2017.

Underlining the sustained growth of Emaar Malls assets, The Dubai Mall, Dubai Marina Mall, Souk Al-Bahar, Gold and Diamond Park and community shopping centers together welcomed over 95 million visitors during the first nine months of the year, an increase of 5 percent over the same period last year. The Dubai Mall continued to record strong visitor footfall at 58 million during the first nine months of this year, highlighting its credentials as the world’s most visited retail and entertainment destination.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience. In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels.”

He added: “We are further strengthening the retail sector in Dubai to offer future-ready shopping environments with new projects such as the dedicated high-end retail precinct in Dubai Creek Harbour. With the shifts in shopping trends, it is important to adopt innovative strategies, and we are focused on creating socially and culturally inspiring spaces for people. This will contribute to the goals of Dubai Plan 2021, announced by His Highness Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and prime minister and ruler of Dubai, to establish Dubai as the preferred place to live, work and visit.”