Dubai – Mubasher: Emaar Malls on Wednesday announced achieving year-on-year increases across a variety of segments including its profits for both the first nine months of 2017 and the third quarter of the year as well as in the number of visitors to its shopping offerings.
The shopping malls and retail business majority-owned by Emaar Properties logged AED 1.506 billion ($410 million) in the period from January to September, registering a 6% growth from AED 1.422 billion ($387 million) in the year-ago period.
Revenues for the first nine months of the year amounted to AED 2.5 billion ($681 million), a 5% year-on-year increase from AED 2.39 billion ($651 million), Emaar Malls announced in a statement.
“With a gross leasable area (GLA) of 6 million square feet in Dubai, GLA occupancy levels across Emaar Malls’ assets averaged 95% during the first nine months of 2017,” the company revealed.
As for the third quarter of 2017, Emaar Malls’ profits grew by 11% year-on-year to AED 485 million ($132 million), whereas revenues increased 13% to AED 876 million from AED 774 million in Q3-16.
“Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience,” Emaar Malls and Emaar Properties chairman Mohamed Alabbar commented.
The Dubai-listed shopping malls and retail firm attributed part of its Q3-17 profit growth to the consolidation of Namshi revenue, which it acquired in August.
The acquisition of leading Middle East online fashion retailer Namshi led to 39% year-on-year higher sales, for the retailer, to AED 196 million in Q3-17.
Alabbar added that Emaar Malls’ investment in digital platforms allows it to offer more and varied choices across multiple channels.
Emaar Malls shopping centres welcomes more than 95 million visitors in the first nine months of 2017, recording a 5% year-on-year rise from last year’s figures.
Emaar Malls’ assets include: The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park.
