Dubai - Mubasher: Emaar Malls, majority-owned by Emaar Properties, on Monday recorded an 11% increase in net profits during 2017, registering AED 2.080 billion, compared to AED 1.874 billion a year earlier.
The company’s revenue grew 12% to AED 3.629 billion last year versus AED 3.227 billion in the year before, according to a company statement.
Emaar Malls’ net profit surged 27% to AED 574 million in the fourth quarter of 2017, in comparison with AED 452 million in the year-ago period, the UAE-based firm’s data showed.
“The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product (GDP),” Emaar Properties’ chairman Mohamed Alabbar said.
Meanwhile, the company’s revenue soared 35% to AED 1.129 billion during the three-month period ended 30 December 2017 against AED 835 million in the same period last year, Emaar Malls revealed.
“As a global retail hub today, Dubai is delivering truly world-class choices with our shopping mall assets serving as preferred destinations for international, regional, and UAE-based brands,” the top official concluded.
