Dubai's Emaar Malls posts 9% hike in 9M 2018 net profit
Revenues have also grown by 29% as the company readies for the 10th anniversary of Dubai Mall
Emaar Malls has posted a 9% increase in net profit in the first nine months (9M) of 2018 compared to 2017, with revenues also 29% higher during in the same period of this year.
According to statement, Emaar Malls – the majority-owned malls and retail business of Emaar Properties – recorded a net profit of $446m (AED1.639bn) between January and September 2018, a 9% increase on 9M 2017’s net profit figure of $410m (AED1.507bn).
Revenues for the first nine months of 2018 were $880m (AED3.232bn), 29% higher than 9M 2017, when the group brought in $681m (AED2.5bn).
Profit on a quarterly basis was also solid, with Q3 net profits standing at $146m (AED537m) – 10% higher than Q3 2017 when net profits stood at $132m (AED486m).
Speaking on the figures, Mohamed Alabbar, Emaar Malls board member and chairman of Emaar Properties, said: “Dubai serves as the retail gateway for over 2.5 billion people who are only four hours flying distance away.
“Emaar Malls is leveraging this growth opportunity through our retail and leisure destinations that have set industry benchmarks and contribute significantly to the local economy.”
Patrick Bousquet-Chavanne, Emaar Malls’ chief executive officer, added: “We are particularly pleased to see the sustained growth in visitor footfall of the Dubai Mall, with a 4% increase in the first nine months to 60 million.
“As we now prepare to mark the 10th anniversary of the Dubai Mall this November, our focus will continue to be to ensure that our malls are relevant and modern, to increase the dwell time of visitors and to keep our guests entertained.”
The figures come as the group marked “significant progress” in the development of the Dubai Hills Mall within the Dubai Hills Estate community.
Eventually housing over 650 retail outlets, the mall will also feature four major family entertainment and leisure centres, as well as a Cineplex, hypermarket, seven anchor retail experience stores, and parking for 7,000 vehicles.