Emaar Malls records 11% increase in 2017 net profit
Emaar Malls, the shopping malls and retail business majorityowned by Emaar Properties PJSC, recorded a net profit of 2.080 billion dirhams ($566 million) in 2017, 11 percent higher than the net profit of 1.874 billion dirhams during 2016. Revenue for 2017 was 3.629 billion dirhams, a growth of 12 percent over 2016 revenue of 3.227 billion dirhams.
In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of 574 million dirhams, 18 percent higher than the Q3 2017 ( July to September) net profit of 485 million dirhams, and 27 percent higher than the Q4 2016 net profit of 452 million dirhams.
Revenue for Q4 2017 was 1.129 billion dirhams, 29 percent higher than the Q3 2017 revenue of 876 million dirhams, and 35 percent higher than the Q4 2016 revenue of 835 million dirhams.
Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94 percent during 2017. Together, the malls and retail centers of Emaar Malls welcomed 130 million visitors in 2017, 4 percent higher than the visitor turnout of 125 million during 2016.
The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, for the fourth consecutive year.
The company distributed 10 percent of its share capital, equivalent to 1.301 billion dirhams, as a cash dividend to shareholders, and it completed the acquisition of leading Middle East online fashion retailer Namshi. Following Emaar Malls’ acquisition, Namshi recorded sales of 306 million dirhams, an increase of 57 percent compared to the same period in 2016.
Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product. As a global retail hub today, Dubai is delivering truly world-class choices with our shopping mall assets serving as preferred destinations for international, regional and UAE-based brands.”
He added: “Through our focus on digital innovation and malls expansion, our assets will continue to catalyze the economy, complementing the vision of His Highness Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and prime minister and ruler of Dubai, while creating long-term value for our stakeholders.”