Emaar Malls posts 13% jump in 2016 net profit

01/02/2017 05:44 AST

Developer Emaar Malls, the retail business majority-owned by Emaar Properties, recorded a net profit of Dh1.874 billion for 2016, it said in a statement on Tuesday, adding that it was a 13 per cent increase on previous year's net profit of Dh1.656 billion for Emaar Malls.

Last year's revenues grew by 8 per cent year-on-year to Dh3.227 billion for the Dubai-based developer, off the back of a solid performance for the company's mall business.

The shopping malls assets of Emaar Malls - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres - welcomed 125 million visitors during 2016, similar to annual footfall during 2015.

In the fourth-quarter of 2016, Emaar Malls grew its net profit by 4 per cent to Dh452 million, whilst increasing its revenue to Dh835 million from Dh774 million in the previous quarter.

"Emaar Malls has created a dynamic platform of shopping malls that catalyse the growth of Dubai's retail sector while offering the nation's residents and visitors with exciting retail and leisure choices," Mohammad Al Abbar, Chairman of Emaar Malls and Emaar Properties, said in a statement.

"In today's digital age, we are focused on leveraging advanced technologies to ensure that our visitors have memorable experiences at our malls. We will continue to introduce new innovations, strengthened further with digital strategies to ensure that our malls stay ahead of the curve, and redefine the retail sector."

The statement mentioned plans for next-generation malls in Dubai Creek Harbour and Dubai Hills Estate, with Emaar Malls looking to "to create long-term value for stakeholders" through these ventures.

Emaar Malls also confirmed that the Dubai Creek Harbour mall will be linked to The Tower, the luxury building at the mega-development set to become the world's tallest structure.

In line with the industry move towards community malls, the developer also mentioned it was expanding The Souk to future community malls projects. Another retail addition will be the Springs Village with over 245,000 sq ft gross leasable area.

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