Visitor footfall lifts Emaar Malls' profit and revenue
Dh554M profit posted in April-June quarter, reflecting year-on-year growth of 15%
Emaar Malls on Sunday posted an 8 per cent growth in 2018 first-half net profit to Dh1.1 billion while revenue surged 29 per cent to Dh2.1 billion as it welcomed more visitors and added more brands this year.
In a statement, the shopping malls and retail business majority-owned by Emaar Properties said it recorded a net profit of Dh554 million in April-June 2018 quarter, reflecting a year-on-year growth of 15 per cent, while revenue soared 35 per cent during the same quarter to Dh1.06 billion compared to Dh788 million in the same quarter last year.
"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," Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said.
"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," he said.
Earlier this year, Emaar Malls distributed a cash dividend of Dh1.301 billion, equivalent to 10 per cent 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 vibrant community centre with a wide choice of leisure attractions added a total gross leasable area of 850,000sqft. With this addition, Emaar Malls has a GLA of over 6.7 million sqft in Dubai. The occupancy across the assets of Emaar Malls was a robust 93 per cent 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 per cent higher than that in the first half of 2017.
The Dubai Mall reiterated its credentials as the world's most visited retail and shopping destination welcoming 40 million visitors during the first half of the year, driven by year-round activities including the popular festivities to mark the Chinese New Year that welcomed thousands of Chinese tourists.
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