Emaar Malls posts 16% growth in net profit

dubai — Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded a net profit of Dh1.42 billion during the first nine months (January to September) of 2016, an increase of 16 per cent over the same period last year at Dh1.22 billion.

The total revenue for the first nine months of the year was Dh2.39 billion, which is 10 per cent higher than the revenue of Dh2.17 billion achieved during the same period last year.

Net profit in the third quarter (July to September) of 2016 was Dh435 million, 16 per cent higher than the Q3 2015 net profit of Dh376 million. Revenue also grew in Q3 2016 to Dh774 million, an increase of eight per cent over Q3 2015 revenue of Dh720 million.

Gross leasable area (GLA) occupancy levels across all assets averaged 96 per cent during the first nine months of 2016, similar to the levels last year.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Having set a track record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy. This is underpinned by the expansion of The Dubai Mall and the development of mega retail precincts in Dubai Creek Harbour and Dubai Hills Estate.

“The robust economic environment of Dubai catalyses the retail sector of the city. We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders.”

— business@khaleejtimes.com