Emaar Malls’ 9-month net profit soars to Dh1.639B
dubai — Emaar Malls recorded on Sunday a nine per cent growth in net profit during the first nine months of the year to Dh1.639 billion compared to the same period in 2017 at Dh1.507 billion.
The shopping malls and retail business majority owned by Emaar Properties said in a statement that its revenue for the period was Dh3.232 billion, 29 per cent higher than the revenue for the same period last year at Dh2.5 billion.
The company’s third-quarter net profit rose 10 per cent to Dh537 million year on year. Revenue for the quarter was Dh1.129 billion, an increase of 29 per cent over the same 2017 period.
Mohamed Alabbar, chairman of Emaar Properties, and board member of Emaar Malls, said Emaar Malls is leveraging the growth opportunity in Dubai through its retail and leisure destinations that have set industry benchmarks and contribute significantly to the local economy. “The positive performance of the business reflects the success of our strategy to evolve in line with the aspirations of the new generation of customers.”
He said as the world’s fourth most visited destination, Dubai serves as the retail gateway for over 2.5 billion people who are only four hours flying distance away.
Patrick Bousquet-Chavanne, CEO of Emaar Malls, said the performance of the business in its first nine months remained strong with robust occupancy levels at 93 per cent across Emaar Mall assets.
“There has been a sustained growth in visitor footfall at The Dubai Mall with a four per cent increase in the first nine months to 60 million. As we now prepare to mark the 10th anniversary celebration of The Dubai Mall this November, our focus will continue to be to ensure that our malls are relevant and modern, to increase the dwelltime of visitors and to keep our guests entertained.”
With its malls and community shopping centres, Emaar Malls has a total gross leasable area of 6.7 million sqft, making it one of the largest mall operators in the world. The occupancy levels of Emaar Malls assets during the first nine months of 2018 stood at 93 per cent.
Together, The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the various community centres welcomed 99 million visitors during the first nine months of 2018.
The positive performance reflects the success of our strategy to evolve in line with the aspirations of the new generation of customers Mohamed Alabbar, Board member of Emaar Malls