Emaar Malls record 17% profit growth in H1 2016
Emaar Malls has distributed a cash dividend of 10% of the share capital, equivalent to $354m (AED1.3bn) in H1 2016
Emaar Malls reported a net profit of $269m (AED987m) in the first six months of 2016, 17% higher than $230m (AED845m) during the same period last year.
Revenue for H1 2016 is $441m (AED1.6bn), 11% higher than the H1 2015 revenue of $395m (AED1.4bn).
Sustaining the growth momentum set, Emaar Malls recorded a quarterly net profit of $125m (AED458m) in 2016, an 11% growth over the same period last year at $112m (AED412m).
Revenue too recorded sustained growth during Q2 2016 at $214m (AED785m), an increase of 9% over Q2 2015 revenue of $196m (AED721m).
Mohamed Alabbar, chairman of Emaar Malls, said: “Our exceptional portfolio of malls assets has redefined Dubai’s retail sector and contributes significantly to the city’s economy. Our focus has been to offer unprecedented retail choices for our visitors in truly world-class environments. Emaar Malls assets serve as a magnet for visitors from across the world, especially high net worth individuals who now regard Dubai as their go-to destination for luxury retail.
“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world.”
He added: “The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business.”
Overall gross leasable area (GLA) occupancy across the assets of Emaar Malls remained 96% during the first half of 2016, similar to the previous year.
Emaar Malls has distributed a cash dividend of 10% of the share capital, equivalent to $354m (AED1.3bn). In addition to the new Retail District in the Dubai Creek Harbour, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by one million square feet built up area to deliver over 600,000sqft gross leasable area, in addition to plans for the mall’s Boulevard, Fountain Views and Zabeel expansions.