Emaar Malls’ profit rises 11% to Dh2B
dubai — Emaar Malls recorded a net profit of Dh2 billion ($566 million) in 2017, 11 per cent higher than the net profit of Dh1.874 billion during 2016.
Revenue for full-year 2017 was Dh3.629 billion ($988 million), a growth of 12 per cent over 2016’s revenue of Dh3.227 billion ($879 million).
In Q4 2017, Emaar Malls recorded a net profit of Dh574 million, 27 per cent higher than Q4 2016 net profit of Dh452 million. Revenue for Q4 2017 was Dh1.129 billion, 29 per cent higher than the Q3 2017 revenue of Dh876 million, and 35 per cent higher than the Q4 2016 revenue of Dh835 million.
Gross leasable area (GLA) occupancy levels across Emaar Malls assets averaged 94 per cent during 2017. Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 per cent higher than the visitor turnout of 125 million during 2016.
Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy.”
The Dubai Mall welcomed 80 million visitors in 2017, for the fourth consecutive year. The company distributed 10 per cent of its share capital, equivalent to Dh1.301 billion, as cash dividend.
— waheedabbas@khaleejtimes.com