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Sun 6 Nov 2016 04:11 PM

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Emaar Malls reports 16% rise in Q3 net profit

Emaar said the gross leasable area occupancy levels across all retails assets averaged at 96 percent during the first nine months of 2016

Emaar Malls reports 16% rise in Q3 net profit

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.

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