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Mon 5 Nov 2018 08:20 AM

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Emaar Malls profit up 10% in Q3, on increased revenue, footfall

Emaar Malls' revenue for the quarter also increased, up 29 percent on the previous year - $307m

Emaar Malls profit up 10% in Q3, on increased revenue, footfall
The Dubai Mall alone recorded a visitor footfall of 60 million during the first nine months of 2018, two million more than 2017.

Emaar Malls reported a Q3 profit of $146 million (AED537m), up 10 percent on the previous year, with both revenue and footfall across the malls increasing. 

Revenue for the quarter also increased, up 29 percent on the previous year - $307m (AED1.129 billion). 

Mohamed Alabbar, chairman of Emaar Properties, said Emaar Malls is leveraging a growth opportunity on offer through Dubai as a retail gateway for over 2.5 billion people who are only four hours flying distance away.

"The positive performance of the business reflects the success of our strategy to evolve in line with the aspirations of the new generation of customers," he said.

Emaar Malls has a total gross leasable area of 6.7 million sq. ft, with occupancy levels during the first nine months of 2018 at 93 percent.

The company's combined retail malls welcomed 99 million visitors during the first nine months of 2018, up 4% on the 95 million for the same period last year. The Dubai Mall alone recorded a visitor footfall of 60 million during the first nine months of 2018, two million more than 2017. 

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