Dubai – Mubasher: Emaar Malls on Sunday reported robust results for the first nine-months of 2018, achieving a year-on-year profit growth of 9% to AED 1.639 billion ($446 million) from AED 1.507 billion ($410 million).
The retail and shopping malls arm of Emaar Properties said its revenues jumped 29% to AED 3.232 billion ($880 million) between January and September 2018 compared to AED 2.5 billion ($681 million) in the same period of 2017.
As for the third quarter of the year, Emaar Malls' profits rose by 10% to AED 537 million ($146 million) from AED 486 million ($132 million) in Q3-17, the company said in a filing to the Dubai Financial Market (DFM).
Third quarter revenue also grew 29% year-on-year to AED 1.129 billion from AED 876 million, the malls operator added.
Emaar Properties chairman and board member at Emaar Malls Mohamed Alabbar said Emaar Malls was leveraging on the emirate of Dubai's growth and its retail and leisure destinations, which he described as having "set industry benchmarks and [contributed] significantly to the local economy."
Emaar Malls' positive performance highlights its successful business strategy in line with its aspirations and that of its customers, he added.
"With its malls and community shopping centres, Emaar Malls has a total GLA of 6.7 million sq. ft., making it one of the largest mall operators in the world. The occupancy levels of Emaar Malls' assets during the first nine months of 2018 stood at a robust 93%," the company added in its statement.
The Dubai-listed malls operator enjoyed strong visitor footfall, the firm said, indicating that along with the Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the various community centres, Emaar Malls welcomed 99 million visitors during the first nine months of 2018.
Dubai is the world’s fourth most visited destination and serves as the retail gateway for over 2.5 billion people, Alabbar noted.
In Q2-18, Emaar Malls announced opening its Springs Souk as well as the redevelopment of Meadows Village, which would raise its GLA to approximately 75,000 square feet, which in turn would bolster the company's retail experience for the community upon completion in 2019.
It is worth noting that Namshi, the leading Middle East online fashion retailer acquired by Emaar malls in August 2017, achieved AED 607 million ($165 million) in online sales during the first nine months of 2018, up 18% year-on-year, the mall operator and developer added.
"Emaar is marking significant progress in the development of the Dubai Hills Mall in Dubai Hills Estate, which will have a GLA of over 2 million square foot, and be home to over 650 retail outlets including ‘fast fashion’ retail stores, restaurants and cafés," Emaar concluded.
Emaar Malls previously announced achieving an 8% year-on-year rise in net profit to AED 1.102 billion ($300 million) in the first six months of 2018.
