Emaar Malls Q1 profit rises as visitors grow

Emaar Malls, a subsidiary of Emaar Properties, on Sunday said it recorded a net profit of Dh548 million ($149 million) during the first quarter of 2018 compared to net profit of Dh539 million in Q1 2017, a marginal increase of 1.66 per cent.

Revenue for the first 3 months of 2018 was Dh1.038 billion, 24 per cent higher than the Q1 2017 revenue of Dh836 million, primarily due to the consolidation of Namshi revenue in 2018.

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The company said gross leasable area (GLA) occupancy levels were robust at 95 per cent across its assets including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres.

Together these retail destinations received over 35 million visitors in Q1 2018, a growth of 3 per cent over the same period in 2017. The Dubai Mall alone received 21 million visitors.

"We have been shaping the retail sector of Dubai by building world-class retail and leisure destinations as well as ensuring that they offer retail choices that meet the aspirations of today's tech-savvy youth. We will continue to implement innovative approaches that bring back the charm of retail as a family activity, with a focus on delighting our customers, bringing digital innovation and driving deep customer personalisation and efficiency," said Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls.

Highlighting the successful growth of Namshi, acquired by Emaar Malls on August 16, 2017, the online fashion retailer recorded sales of Dh176 million in Q1 2018, an increase of 23 per cent compared to the same period in 2017. - waheedabbas@khaleejtimes.com