Emaar Malls Q3 profit and rev­enue rise with oc­cu­pancy flour­ish­ing

The National - News - - BUSINESS - FA­REED RAH­MAN

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

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