Emaar Malls Q3 profit and revenue rise with occupancy flourishing
Emaar Malls, a unit of Dubai’s biggest listed developer Emaar Properties, reported a 12 per cent increase in third-quarter net profit driven by the strong performance of its shopping mall assets and its online retail business.
Net profit in the three months ending September climbed to Dh602 million, the company said yesterday in a filing to the Dubai Financial Market, where its shares trade. Revenue at the end of third quarter rose 5 per cent to Dh1.18 billion.
“Emaar Malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey,” said Mohamed Alabbar, chairman of Emaar properties and a board member of Emaar Malls. “This helps us achieve sustained growth, both through our malls and Namshi, our fully owned online business.” Emaar Malls said sales for online fashion retailer Namshi increased 20 per cent year-on-year to Dh267m for the third-quarter period.
Occupancy levels across all its assets, including The Dubai Mall, Mall of the Emirates, Dubai Marina Mall, Gold and Diamond Park, Souq Al Bahar and the Community Retail Centres, remained high at 92 per cent at the end of the third quarter.
Emaar Malls is set to open Dubai Hills Mall in Dubai Hills Estate in 2020, which will feature about 550 retail and entertainment destinations, the company said. It will have four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores and more than 7,000 dedicated parking spaces.
The company is also redeveloping Meadows Village to increase its gross leasable area by about 8,826 square metres, which is scheduled for completion in 2020.
During the nine-month period ending September, Emaar Mall’s net profit rose 6 per cent to Dh1.73bn while revenue rose 6 per cent to Dh3.41bn.
Next year, Emaar Malls is set to open Dubai Hills Mall, featuring about 550 shops