The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
Emaar Malls – the shopping malls and retail business majority-owned by Emaar Properties, recorded a full-year 2018 net profit of AED2.230 billion, a growth of 7 percent over the Fiscal Year (FY), 2017 net profit of AED2.086 billion.
Revenue for FY 2018 was AED4.446 billion, 23 percent higher than FY 2017 revenue of AED3.629 billion.
Recording consistent growth quarter-on-quarter, net profit for the fourth quarter (October to December) 2018 was AED591 million, a 10 percent increase over the third quarter (July to September) 2018 net profit of AED 537 million. Revenue in Q4 2018 was AED1.214 billion, an increase of eight percent over Q3 2018 revenue of AED1.129 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 percent. The malls and retail centres together welcomed 136 million visitors in 2018, an increase of five percent over the total visitor footfall of 130 million in 2017.
Commenting on the result, 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. Emaar Malls is staying ahead of the curve by investing in innovative concepts and introducing added choices and experiences that appeal to the new generation of customers,” he added.
The Dubai Mall reiterated its position as the world’s most visited retail and lifestyle destination by welcoming 83 million visitors in 2018, an increase of four pe cent compared to the 80 million visitors it welcomed annually during the last four consecutive years.