Visitor footfall lifts Emaar Malls’ profit and revenue

dubai — Emaar Malls on Sunday posted an 8 per cent growth in 2018 first-half net profit to Dh1.1 billion while revenue surged 29 per cent to Dh2.1 billion as it welcomed more visitors and added more brands this year.

In a statement, the shopping malls and retail business majority-owned by Emaar Properties said it recorded a net profit of Dh554 million in April-June 2018 quarter, reflecting a year-on-year growth of 15 per cent while revenue soared 35 per cent during the same quarter to Dh1.06 billion comapred to Dh788 million in the same quarter last year.

“In a short span of time, Emaar Malls has underlined its strength in delivering world-class retail destinations that meet the aspirations of both UAE residents and tourists,” Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said.

“We are now taking the Emaar Malls growth story to the next level with a firmer focus on omnichannel retailing and the creation of iconic new destinations that will reshape retail dynamics. Designed for the next generation and leveraging future technologies, these malls will bring the timeless charm of the city squares in a high-tech environment,” he said.

Earlier this year, Emaar Malls distributed a cash dividend of Dh1.301 billion, equivalent to 10 per cent of share capital, to shareholders — for the third consecutive year — underlining its focus on sustained value-creation.