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Emaar Malls sees 32% profit growth

Alabbar says malls firm plans 'aggressive' domestic and international market expansion

Emaar Malls' Dubai mall
Emaar Malls' Dubai mall

Emaar Malls reported a 32% increase in net profit for the first quarter of 2015 to $118m (2014: $90m).

The company, which was spun out from former parent Emaar Properties last year, also said revenues also increased by 21% to $1.4bn ($1.2bn).

The shopping centre group, whose revenues are dominated by its flagship Dubai Mall, said that it had seen a "significant" rise in the rents at which leases were being renewed, which were 26% higher than in Q1 2015.

Chairman Mohamed Alabbar said: “Following its successful IPO and listing on the Dubai Financial Market, Emaar Malls is now focused on its next level of growth through aggressive expansion in Dubai and international markets."

Emaar Properties retains an 85% stake in Emaar Malls Group.

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Construction Week - Issue 754
Nov 23, 2019