Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded full-year 2018 net profit of AED2.230 billion ($607 million), up 7 percent on the year earlier period.
Revenue for the same period was AED4.446 billion, 23 percent higher than 2017 revenue, the company said in a statement on Wednesday.
Net profit for the fourth quarter was AED591 million, a 10 percent increase over the third quarter while Q4 revenue was AED1.214 billion, up 8 percent over Q3.
Emaar Malls said it also maintained strong occupancy levels across its assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres – at 93 percent.
The malls and retail centres together welcomed 136 million visitors in 2018, an increase of 5 percent over the total visitor footfall of 130 million in 2017.
Mohamed Alabbar, chairman of Emaar Properties, said: “The malls and retail sector continues to be highly competitive and the successful performance of Emaar Malls in 2018 gained from the strong economic fundamentals of Dubai and the successful opening of the Fashion Avenue extension.
"We will continue to contribute to the economy through sustained investment in our assets to delight residents and visitors from around the world. Emaar Malls is staying ahead of the curve by investing in innovative concepts and introducing added choices and experiences that appeal to the new generation of customers.”
Patrick Bousquet-Chavanne, CEO of Emaar Malls, added: “The success story recorded by The Dubai Mall in 2018, as we marked its tenth anniversary, is a strong testament to the value-add that the company brings to the retail sector in the region.”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.
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