Emaar Malls profit surges 6% to AED1.51bn in nine months

DUBAI / Emirates Business

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of AED1.506 billion ($410 million) during first nine months (January to September) 2017, a growth of 6 percent over the net profit of AED1.422 billion ($387 million) during the same period in 2016.
Total revenue for first nine months was AED2.5 billion ($681 million), which is
5 percent higher than the revenue of AED2.39 billion ($651 million), during the same period last year.
Emaar Malls completed the acquisition of leading Middle East online fashion retailer Namshi on August 16, marking a milestone in its digital-
oriented growth. Following Emaar Malls’ acquisition, Namshi recorded sales of AED 196 million during Q3, an increase of 39 percent compared to the same period in 2016.
Emaar Malls reported Q3 revenue of AED 876 million ($238 million), 13 percent higher than Q3 2016 revenue of AED 774 million ($211 million), contributed in part by the consolidation of Namshi revenue. Net profit was AED485 million ($132 million) during Q3, an 11 percent growth compared to Q3 2016. With a gross leasable area (GLA) of 6 million sqft in Dubai, GLA occupancy levels across Emaar Malls’ assets averaged 95 percent during first nine months of 2017.
Underlining the sustained growth of Emaar Malls assets, The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres together welcomed over 95 million visitors during the first nine months of the year, an increase of 5 percent over the same
period last year.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience. In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels.”