Emaar Malls posts 6% rise in net profit to $410m

08/11/2017 15:12 AST

Emaar Malls, the retail business majority-owned by Emaar Properties, recorded a net profit of AED1.506 billion ($410 million) during the first nine months of 2017.

The company reported a growth of 6 percent over the net profit of AED1.422 billion during the same period in 2016.

Total revenue for the first nine months of the year was AED2.5 billion, up 5 percent, it said in a statement.

Following Emaar Malls' acquisition, online fashion retailer Namshi recorded sales of AED196 million during Q3, an increase of 39 percent, it added.

Emaar Malls said it reported Q3 revenue of AED876 million, 13 percent higher than Q3 2016 while net profit was AED485 million, an 11 percent growth.

With a gross leasable area (GLA) of 6 million sq ft in Dubai, occupancy levels across Emaar Malls' assets averaged 95 percent during the first nine months of 2017, the company added.

Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: "We are further strengthening the retail sector in Dubai to offer future-ready shopping environments with new projects such as the dedicated high-end retail precinct in Dubai Creek Harbour.

"With the shifts in shopping trends, it is important to adopt innovative strategies, and we are focused on creating socially and culturally inspiring spaces for people."

Arabian Business