Emaar Properties’ net profit rises 15% in Q1 2017


May 14, 2017 | By RetailME Bureau

Emaar Properties PJSC recorded a net profit of AED1.384 billion ($377 million) in the first quarter (January-March) of 2017, an increase of 15% over the same period last year at AED1.205 billion ($328 million).

The company’s total revenue for Q1 2017 was AED4.072 billion ($1.109 billion), an increase of 15% over Q1 2016 revenue of AED3.529 billion ($961 million). Recurring revenues from the malls, hospitality, entertainment and leisure businesses of Emaar were AED1.592 billion ($433 million) in Q1 2017 contributing 39% to the total group revenue.

“Along with our core business of creating premium real estate in Dubai and other international markets, our malls, hospitality and leisure businesses have also recorded growth. This is driven by our new customer-oriented digital strategy that helps optimise our resource use and enhances efficiency,” says Emaar Properties chairman Mohamed Alabbar.

“We have seen an increase in property sales in Dubai, and we are on track with our construction milestones. Emaar’s performance underpins the positive 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,” he adds.

Expanding malls, hospitality portfolio

During Q1 2017, Emaar Malls recorded revenues of AED836 million ($228 million), similar to Q1 2016 revenue of AED833 million ($227 million).

Net profit from the malls business during Q1 2017 was AED539 million ($147 million), similar to Q1 2016 net profit of AED529 million ($144 million) and 19% higher than Q4 2016 net profit of AED452 million ($123 million).

The shopping mall assets of Emaar Malls, including its flagship – The Dubai Mall – welcomed over 34 million visitors in Q1 2017, 10% higher than Q1 2016. With a GLA of about 6 million sqft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sqft built-up area this year. Additionally, The Dubai Mall is adding new retail and leisure attractions with the Boulevard, Fountain Views and Zabeel expansions.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED756 million ($206 million) during Q1 2017, an increase of 5% over the same period last year at AED722 million ($197 million).

Emaar’s hospitality segment marked the launch of two new hotels in Q1 2017 including Address Boulevard, a city lifestyle resort under the portfolio of Address Hotels + Resorts, and Rove Healthcare City. A contemporary midscale brand, Rove Hotels, is being developed as a joint venture with Meraas Holding with plans to roll out 10 hotels in Dubai by 2020.

In addition, Emaar is in the course of expanding its hospitality business with 26 upcoming projects in the UAE, Turkey, Egypt, Saudi Arabia and Bahrain.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto




Download Images RetailME Magazine