Emaar Malls posts 16% nine-months profit in 2016
Earlier this year, Emaar Malls distributed a cash dividend of 10% of the share capital, equivalent to $354m (AED1.3bn)
Emaar Malls has recorded a net profit of $387m (AED1.4bn) during the first nine months of 2016, an increase of 16% compared to $332m (AED1.2bn).
The total revenue for the first nine months of the year was $651m (AED2.3bn), 10% higher than the revenue of $591m (AED2.17bn) achieved during the same period last year.
The retail subsidiary of Emaar reported a net profit of $118m (AED435m) in the third quarter of 2016, which is 16% higher than the Q3 2015 net profit of $102m (AED376m). Revenues grew to $211m (AED774m) in Q3 2016, an increase of 8% over Q3 2015 revenues of $196m (AED720m).
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Having set a track-record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy. This is underpinned by the expansion of The Dubai Mall and the development of mega-retail precincts in Dubai Creek Harbour and Dubai Hills Estate.
“The robust economic environment of Dubai, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, catalyses the retail sector of the city. We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders.”
With the expansion of The Dubai Mall’s Fashion Avenue by another 9.2ha built up area, the mall will further serve as home to high-end luxury and high-street brands. To add to its 1,200 retail outlets, including a dedicated Fashion Avenue with all the global brands, another 150 retail stores will open as part of the expansion.
The other mall assets of Emaar Malls – Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park - also recorded positive growth.
With a current total gross leasable area (GLA) of about 5.5ha, Emaar Malls is also delivering a centrally located mall and community retail areas including a boutique mall for high-end brands at Dubai Hills Estate.
Following the opening of The Ranches Souk in Arabian Ranches II, The Souk is being rolled out at The Meadows and The Springs and future community malls projects. Another retail addition will be the Springs Village with over 2.2ha gross leasable area.
Earlier this year, Emaar Malls distributed a cash dividend of 10% of the share capital, equivalent to $354m (AED1.3bn).