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Emaar Malls’ 2017 profit rises 11% to Dh2 billion

Posted by admin on March 31, 2018
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Occupancy levels across Emaar Malls assets averaged 94 percent during 2017

Emaar Malls recorded a net profit of Dh2 billion ($566 million) in 2017, 11 percent higher than the net profit of Dh1.874 billion during 2016.

Revenue for full-year 2017 was Dh3.629 billion ($988 million), a growth of 12 percent over 2016’s revenue of Dh3.227 billion ($879 million).

In Q4 2017, Emaar Malls recorded a net profit of Dh574 million, 27 percent higher than Q4 2016 net profit of Dh452 million.

Revenue for Q4 2017 was Dh1.129 billion, 29 percent higher than the Q3 2017 revenue of Dh876 million, and 35 percent higher than the Q4 2016 revenue of Dh835 million.

Gross leasable area (GLA) occupancy levels across Emaar Malls assets averaged 94 percent during 2017. Together, the malls and retail centers of Emaar Malls welcomed 130 million visitors in 2017, 4 percent higher than the visitor turnout of 125 million during 2016.

Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “Through our focus on digital innovation and malls expansion, our assets will continue to catalyze the economy.”

The Dubai Mall welcomed 80 million visitors in 2017, for the fourth consecutive year. The company distributed 10 percent of its share capital, equivalent to Dh1.301 billion, as cash dividend to shareholders, and it completed the acquisition of Middle East online fashion retailer Namshi. Following Emaar Malls’ acquisition, Namshi recorded sales of Dh306 million, an increase of 57 percent compared to the same period in 2016.

Emaar has also announced the launch of the Dubai Hills Mall, a family retail district in Dubai Hills Estate. Work has commenced on the mall, which is scheduled to open in late 2019, with a GLA of 1.9 million square feet. Dubai Hills Mall will feature more than 750 retail outlets including an array of ‘fast fashion’ retail stores, restaurants, and cafés. The mall will have four major family entertainment and leisure centers as well as a cineplex, hypermarket, seven anchor retail experience stores and parking spaces for over 7,000 vehicles.

Emaar Malls has commenced work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion that will serve as an active link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions.

Source: https://www.khaleejtimes.com/


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