Emaar Malls records 8% net profit growth in H1 2018
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded a growth of 8% in its net profit for the first half (January to June) 2018 to AED1.1bn compared to the H1 2017 net profit of AED1.02bn.
Revenue for half-year 2018 is AED2.1bn, an increase of 29% over H1 2017 revenue of AED1.6bn.
During the second quarter (April to June) of the year, Emaar Malls recorded a net profit of AED554mn, 15% higher than Q2 2017 net profit of AED482mn. Revenue during Q2 2018 was AED1.06bn, 35% higher than the Q2 2017 revenue of AED788mn.
Earlier this year, Emaar Malls distributed a cash dividend of AED1.3bn, equivalent to 10% of share capital, to shareholders for the third consecutive year – underlining its focus on sustained value creation.
Emaar Malls has inaugurated the expansion of The Dubai Mall Fashion Avenue, which added over 150 international brands, as well as The Springs Souk, a community centre with a wide choice of leisure attractions added a total gross leasable area (GLA) of 78,967sqm. With this addition, Emaar Malls has a GLA of over 62ha in Dubai.
The occupancy across the assets of Emaar Malls was a robust 93% during the first half of 2018.
Emaar Malls assets including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park
and community shopping centres – welcomed 67 million visitors during the first half of 2018, 3% higher than in H1 2017.
Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: In a short span of time, Emaar Malls has underlined its strength in delivering world-class retail destinations that meet the aspirations of both UAE residents and tourists. We are now taking the Emaar Malls growth story to the next level with a firmer focus on omnichannel retailing and the creation of iconic new destinations that will reshape retail dynamics. Designed for the next generation and leveraging future technologies, these malls will bring the timeless charm of the city squares in a high-tech environment.
Emaars next-era retail destinations include the upcoming new retail precinct in Dubai Creek Harbour, the vibrant 6sqkm mega-development by the Creek and overlooking the Ras Al Khor Wildlife Sanctuary.
The Dubai Hills Mall in Dubai Hills Estate is another key development with its construction progressing as per schedule. Dubai Hills Mall will have a GLA of about 18.5ha, and will feature about 650 retail outlets including fast fashion retail stores, restaurants and cafés. It will have four major family entertainment and leisure centres as well as a cineplex, hypermarket, seven anchor retail experience stores, and dedicated parking spaces for over 7,000 vehicles.
In other significant expansion, work on The Dubai Malls Mohammed bin Rashid Boulevard expansion that will link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions of the mall has commenced.