Emaar Malls net profit hits Dhs1.021 billion

07/08/2017 05:39 AST

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of Dhs1.021 billion ($ 278 million) in the first-half (January to June) of 2017. This is 3 per cent higher than the H1 2016 net profit of Dhs 987 million ($269 million). Revenue for half-year 2017 is Dhs1.624 billion ($442 million) similar to the H1 2016 revenue of AED 1.618 billion ($441 million).

Emaar Malls net profit during the second quarter (April to June) of 2017 is Dhs 482 million ($131 million), 5 per cent higher than the Q2 2016 net profit of Dhs458 million ($125 million).

Emaar Mall assets - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres - welcomed over 65 million visitors during the first six months of the year, an increase of 7 per cent over the same period last year at 61 million.

The Dubai Mall, the flagship asset of Emaar Malls, recorded a visitor footfall of 39 million in H1 2017, continuing to build on its reputation as the world's most visited retail and entertainment destination. With a gross leasable area (GLA) of 6 million sq ft in Dubai, GLA occupancy levels across Emaar Malls' assets averaged 95 per cent during H1 2017.

Marking a milestone in its digital-oriented growth, Emaar Malls entered an agreement to acquire 51 per cent stake in Namshi, the leading online fashion retailer in the Middle East, and formed a partnership with fashion e-commerce platform Global Fashion Group to accelerate Namshi's development in the region. Emaar Malls will support the company to access additional fashion brands, develop its logistics infrastructure and expand its geographical footprint.

Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: "Retail is a key contributor to the national economy, and with the fast-evolving changes in the sector, we are marking strategic expansions and investments to create sustained value for our stakeholders. The strong performance of Emaar Malls is highlighted by the diversity of retail choices and leisure attractions at our malls that welcome visitors from around the world. In addition to new retail districts that we are developing in Dubai, we will continue to invest in next-generation technology to transform the retail and shopping mall experience for our visitors."

The Gulf Today