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Wed 31 Jul 2019 03:26 PM

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Emaar Malls sees net profit rise on growing visitor footfall

Dubai retail giant posts 3% rise in H1 net profit to $308m as assets record total footfall of 68 million visitors

Emaar Malls sees net profit rise on growing visitor footfall

Emaar Malls, the retail unit majority-owned by Emaar Properties, on Wednesday recorded an increase in net profit by 3 percent during the first six months of 2019 to AED1.130 billion ($308 million).

Revenue for H1 rose by 6 percent to AED2.227 billion, the company said, adding that Q2 saw an increase of 8 percent to AED 1.152 billion compared to the year-earlier period.

Emaar Malls said it distributed a cash dividend of AED1.301 billion, equivalent to 10 percent of share capital, for the fourth consecutive year.

The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres – recorded visitor footfall of 68 million during the first six months of this year, up 2 percent on the same period last year.

The Dubai Mall, the world’s most visited retail and lifestyle destination, welcomed 41 million visitors in H1, 2 percent higher while occupancy levels across all assets stood at 92 percent during the first half of 2019.

Mohamed Alabbar, chairman of Emaar Properties, said: “Our strategy is to deliver exceptional omnichannel retail choices for our visitors. The positive performance reflects the customer-oriented asset mix that makes our malls preferred lifestyle destinations for all, as well as the growth in tourist arrivals to Dubai, today, a global tourism and business hub.”

Emaar Malls said it plans to further strengthen its retail infrastructure with new extensions of The Dubai Mall – Zabeel and Fountain Views – scheduled to open this year.

These extensions link the mall to the Financial Centre Road and to the Sheikh Mohammed bin Rashid Al Boulevard, respectively, and will add 4,500 parking spaces.

Dubai Hills Mall, the new asset under Emaar Malls, will open in 2020 in Dubai Hills Estate, which will offer a retail area of about 2 million sq ft and feature about 550 retail and entertainment destinations.

Emaar Malls is also redeveloping Meadows Village to increase its space by approximately 95,000 sq ft, and is scheduled for completion in 2020.

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