DUBAI / WAM
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED2.080 billion ($566 million) in 2017, 11 percent higher than the net profit of AED1.874 billion ($510 million) during 2016. Revenue for full-year 2017 was AED3.629 billion ($988 million), a growth of 12 percent over 2016 revenue of AED3.227 billion ($879 million).
In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of AED574 million ($156 million), 18 percent higher than the Q3 2017 (July to September) net profit of AED485 million ($132 million), and 27 percent higher than Q4 2016 net profit of AED452 million ($123 million).
Revenue for Q4 2017 was AED1.129 billion ($307 million), 29 percent higher than the Q3 2017 revenue of AED876 million ($238 million), and 35 percent higher than the Q4 2016 revenue of AED835 million ($227 million).
Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94 percent during 2017. Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 percent higher than visitor turnout of 125 million during 2016.
The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, for the fourth consecutive year, further underlining its reputation as the world’s most visited retail destination.
In major highlights of the year that demonstrated the value creation and digital focus of Emaar Malls, the company distributed 10 percent of its share capital, equivalent to AED1.301 billion ($354 million), as cash dividend to the shareholders, and it completed the acquisition of leading Middle East online fashion retailer Namshi. Following Emaar Malls’ acquisition, Namshi recorded sales of AED306 million ($83 million), an increase of 57 percent compared to the same period in 2016.
Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said: “The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail
sector, a key contributor to the gross domestic product. As a global retail hub today, Dubai is delivering truly world-class choices with our shopping mall assets serving as preferred destinations for international, regional and UAE-based brands.”