Emaar Malls profit climbs 11% in Q3
dubai — Emaar Malls on Wednesday said it recorded a net profit of Dh1.51 billion during the first nine months of 2017, reflecting a growth of six per cent over the same period last year.
In a statement, the Dubai-listed company said total revenue for the first nine months of the year rose 5 per cent to Dh2.5 billion from Dh2.39 billion in the same period last year.
Emaar Malls also completed the acquisition of Namshi on August 16, 2017. Following Emaar Malls’ acquisition, Namshi recorded sales of Dh196 million during the third quarter of 2017, showing an increase of 39 per cent compared to the same period in 2016.
The company said its thirdquarter revenue surged 13 per cent to Dh876 million compared to Dh774 million in the same quarter of 2016, contributed in part by the consolidation of Namshi revenue. Third-quarter net profit soared 11 per cent to Dh485 million, it said adding that gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 95 per cent during the first nine months of 2017.
The Dubai Mall continued to record strong visitor footfall at 58 million during the first nine months of this year.
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.”
— business@khaleejtimes.com