Emaar Malls recorded net profit of $149 million over the first three months of 2018
More than 35 million people visited Emaar Malls in Q1 2018, a 3 percent increase over the same period last year, the company announced on Sunday.
Of the visitors, 60 percent – 21 million – were at Dubai Mall, the flagship of Emaar Malls and the world’s most visited retail destination, which in 2017 welcomed approximately 80 million visitors.
Overall, Emaar Malls properties – including Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold and Diamond Park and a number of community shopping centres – recorded occupancy levels of 95 percent throughout the quarter.
The announcement came on the same day as the company announced a net profit of AED 548 million ($149 million) in Q1 2018, slightly above the AED 539 million ($147 million) recorded in Q1 of the previous year.
Revenue for the first three months of 201 was AED 1.038 billion ($283 million), 24 percent more than Q1 2017’s revenue of AED 836 million ($228 million), due to the consolidation of Namshi revenue in 2018.
At its third annual general meeting held in April, Emaar Malls approved a cash dividend of AED 1.301 billion ($354 million), about 10 percent of share capital, for the third consecutive year.
“We have been shaping the retail sector of Dubai by building world-class retail and leisure destinations as well as ensuring that they offer retail choices that meet the aspirations of today’s tech-savvy youth,” said Emaar Malls board member and Emaar Properties chairman Mohamed Alabbar.
“We will continue to implement innovative approaches that bring back the charm of retail as a family activity, with a focus on delighting our customers, bringing digital innovation and driving deep customer personalisation and efficiency.”For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.