Dubai-Mubasher: Emaar Malls Group reported a rise by 22% in its first-quarter profits, according to a bourse statement.
Net profits reached AED 529 million ($144 million) in the first quarter of 2016, compared to AED 433 million ($118 million) in the same quarter of 2015.
Revenues stood at AED 833 million ($226.79 million) in Q1-16, up 14% from AED 731 million ($199.02 million) in Q1-15.
EBITDA grew 14% year-on-year (y-o-y) in Q1-16.
Emaar Malls’ shareholders approved, during their first annual general meeting, 10% cash dividends for 2016, totalling AED 1.3 billion ($ 354 million).
The Dubai-based real estate company plans to open a retail district in Dubai Creek Harbour, directly linked to the tower that forms the waterfront development’s centerpiece, according to Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties.
The Dubai Mall’s Fashion Avenue is also being expanded by 1 million sq ft built up area, delivering over 600,000 sq ft gross leasable area, Alabbar added.
He went on to say that the Dubai Mall will also be further expanded with plans for a Boulevard and Fountain Views extension.
Emaar Malls is also developing the Springs Village with over 245,000 sq ft gross leasable area, he noted.
The company’s stock topped gainers with a 5.21% rise to AED 3.03, with a turnover of AED 23.74 million generated from the exchange of 7.93 million shares.
