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Emaar Malls records 37% rise in H1 2015 profits

Emaar Malls, which include Dubai Mall, welcomed over 62 million visitors during the first six months of 2015

Emaar Malls is also expanding the Dubai Mall’s Fashion Avenue by 92,903 sqm
Emaar Malls is also expanding the Dubai Mall’s Fashion Avenue by 92,903 sqm

Emaar Malls has recorded a 37% growth in their net profit during the first six months of 2015 to $230m (AED845m) compared to the same period in 2014.

Revenue for H1 2015 was $398m (AED1.4bn), 16% higher compared to the corresponding period last year.

Emaar Malls, which includes Dubai Mall, welcomed over 62 million visitors during the first six months of 2015, 11% higher than during the same period last year.

Net profit for Emaar Malls during the second quarter (April to June) of 2015 was $112m (AED412m), compared to Q2 2014 figures of $78m (AED288m), an increase of 43%.

Revenue for Q2 2015 was $198m (AED727m) compared to Q2 2014 revenue of $178m (AED653m), an increase of 11%.

Mohammed Alabbar, chairman of Emaar Malls: said, “The sustained growth of Emaar Malls is catalysed by the strategic approach of Dubai to position itself as a global hub for business and leisure.

“Across all indicators of growth, Emaar Malls has accomplished impressive results, defining the sustained value that it generates for all stakeholders. A key contributor to the recurring revenues of Emaar Properties, our shopping malls and retail business is also setting international benchmarks in the industry.”

During the first half of 2015, Emaar Malls marked the launch of its new community malls brand ‘The Souk.’

The launch will be rolled out across its existing assets including The Meadows and The Springs and future community mall projects.

Emaar Malls is also expanding the Dubai Mall’s Fashion Avenue by 92,903 sqm to welcome a larger assortment of leading fashion brands under one roof.

The leasable area, through this expansion, is around 15% of the current mall and is expected to be complete in 2016.

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Construction Week - Issue 747
Aug 03, 2019