Emaar Malls posts 23% rise in net profit for 2015
Emaar Malls occupancy levels increased to reach 96% in 2015, while base rent renewal rates clocked an increase of 25% for leases renewed during 2015
Emaar's mall subsidiary, Emaar Malls recorded a net profit of $451m (AED1.6bn) for 2015, which is 23% higher than 2014.
The rental income recorded a growth of 11% to $815m (AED2.9bn), compared to $733m (AED2.6bn) in 2014.
Net profit during the fourth quarter of 2015 $118m (AED435m), which is 16% higher than the third quarter 2015 net profit of $102m (AED376m).
Continuing the healthy trend, Emaar Malls occupancy levels increased to reach 96% in 2015, while base rent renewal rates clocked an increase of 25% for leases renewed during 2015.
Visitors arrival across all Emaar Malls assets crossed the landmark 124 million in 2015, an increase of 9% compared to 2014, with The Dubai Mall accounting for 80 million annual visitors.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “The retail sector is a key contributor to Dubai’s GDP, and Emaar Malls assets mark a significant contribution to defining our city as must-visit destination for retail and leisure. The Dubai Mall, our trophy asset, is today the first choice for luxury retail for high net worth individuals from a wider catchment area of the Middle East, Africa, South Asia and China, thus serving over 2.5 billion people. The robust performance of all our mall assets underline our commitment to sustained value creation for our stakeholders.”
Emaar Malls has a gross leasable area of about 6 million sqft, which is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue. It will add another 150 international and local brands to the mall, adding more choice to visitors.