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Emaar Malls sees 3% net profit hike in H1 2017

The expansion of The Dubai Mall's Fashion Avenue is "in the final stages", the company confirmed, adding its revenues during the first six months of 2017 amounted to $442m

Dubai Marina Mall is one of Emaar Malls' assets.
Dubai Marina Mall is one of Emaar Malls' assets.

Emaar Malls announced net profit worth $278m (AED1.02bn) in the first half of 2017. 

The figure is a 3% increase over H1 2016's $269m (AED987m). 

Revenues during the first half of 2017 amounted to $442m (AED1.62bn), a marginal increase over last year's $441m (AED1.61bn). 

Emmar Mall's assets, which include The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park, and community shopping centres, recorded a footfall of 65 million visitors in H1 2017 – 7% more than H1 2016's 61 million. 

Gross leasable area (GLA) occupancy levels "across Emaar Malls' assets averaged 95%" in H1 2017, the company said in a filing to the Dubai bourse.

Q2 2017 net profit amounted to $131m (AED482m), 5% higher than Q2 2016's $125m (AED458m). 

The expansion of The Dubai Mall's Fashion Avenue is "in the final stages", the company confirmed.

Upon completion, the expansion would have added 9.2ha (1 million sqft) of built-up area, and 5.5ha (600,000sqft) of GLA, to the facility. 

 

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Construction Week - Issue 737
Apr 14, 2019