Emaar Malls records 7% growth in 2018

dubai — Emaar Malls has announced that it has recorded a fullyear 2018 net profit of Dh2.23 billion, a growth of seven per cent over the 2017 net profit of Dh2.086 billion.

Revenue for the year stood at Dh4.446 billion, 23 per cent higher than in 2017, when a revenue of Dh3.629 billion was recorded. Recording consistent growth quarteron-quarter, net profit for the fourth quarter of 2018 was Dh591 million, a 10 per cent increase over the third quarter 2018 net profit of Dh537 million. Revenue in the fourth quarter of 2018 was Dh1.214 billion, an increase of eight per cent over the third quarter of 2018 revenue of Dh1.129 billion.

One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls also maintained strong occupancy levels across its assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres – at 93 per cent. The malls and retail centres together welcomed 136 million visitors in 2018, an increase of five per cent over the total visitor footfall of 130 million in 2017.

Mohamed Alabbar, chairman of Emaar Properties, said: “The malls and retail sector continues to be highly competitive and the successful performance of Emaar Malls in 2018 gained from the strong economic fundamentals of Dubai and the successful opening of the Fashion Avenue extension. We will continue to contribute to the economy through sustained investment in our assets to delight residents and visitors from around the world.”