Emaar Malls announces 16% growth in net profit

RetailME Bureau

Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, has recorded a net profit of AED1.42 billion ($387 million) during the first nine months (January to September) of 2016, an increase of 16% over the same period last year at AED1.22 billion ($332 million).

The total revenue for the first nine months of the year was AED2.39 billion ($651 million), which is 10% higher than the revenue of AED2.17 billion ($591 million) achieved during the same period last year.

Sustaining positive growth through the third quarter (July to September) 2016, net profit was AED435 million ($118 million), which is 16% higher than the Q3 2015 net profit of AED376 million ($102 million). Revenues also grew in Q3 2016 to AED774 million ($211 million), an increase of 8% over Q3 2015 revenue of AED720 million ($196 million).

“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,” says Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties

“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,” he adds.

Dubai’s retail hubs

With the expansion of The Dubai Mall’s Fashion Avenue by another 1 million sqft 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 leading 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. The Souk, the new concept of neighbourhood retailing, introduced by Emaar has also gained positive response from the community.

Sought-after by retailers

Emaar Malls is creating new destinations for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall. Further, the dedicated retail district in Dubai Creek Harbour will be another prime hub for luxury retail and leisure. It will be linked directly to The Tower at Dubai Creek Harbour, the new icon that will serve as a magnet for visitors from around the world.

With a current total GLA of about 6 million sqft, 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 245,000 sqft GLA.