Emaar said the gross leasable area occupancy levels across all retails assets averaged at 96 percent during the first nine months of 2016
Dubai's Emaar Malls, a unit of Emaar Properties, reported a 16 percent rise in third-quarter net profit on Sunday.
Net profit of 435 million dirhams ($118.4 million) in the three months to Sept. 30, it said in a bourse statement, compared with a profit of 376 million dirhams in the same period a year earlier.
Quarterly revenue was 774 million dirhams, up 8 percent on a year earlier.
Emaar said occupancy levels across all retails assets - total gross leasable area (GLA) of about 6 million sq ft - averaged at 96 percent during the first nine months of 2016, similar to the levels last year.
"Having set a track-record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy," said Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties. 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.
"We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders."
Earlier this year, Emaar Malls distributed a cash dividend of 10 per cent of the share capital, equivalent to AED 1.3 billion ($354 million), setting a new benchmark in value creation for the company’s shareholders.
Emaar is currently expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built up area for high-end luxury and high-street brands, with an added 150 retail stores opening as part of the expansion.
Emaar Malls said its other assets – Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park - also recorded positive growth.
Following the opening of The Ranches Souk in Arabian Ranches II, Emaar is currently rolling out The Souk at The Meadows and The Springs, with a future retail addition at the Springs Village set to add over 245,000 sq ft gross leasable area.