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Emaar Malls records 13% profit growth

Emaar Malls has recorded a net profit of Dh1.874 billion during 2016, reflecting an increase of 13 per cent over the full-year 2015 net profit of Dh1.656 billion. In a statement on Tuesday, the shopping malls and retail business majority-owned by global property developer Emaar Properties, said its annual revenue in 2016 recorded a growth of eight per cent to Dh3.227 billion compared to Dh2.992 billion in corresponding period of last year.
Emaar Malls reported four per cent net profit growth in fourth quarter at Dh452 million compared to Dh435 million in same quarter of last year. Fourth-quarter revenue increased to Dh835 million, which is eight per cent more if compared to 2016 third-quarter revenue of Dh774 million. "Emaar Malls has created a dynamic platform of shopping malls that catalyse the growth of Dubai's retail sector while offering the nation's residents and visitors with exciting retail and leisure choices," Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said.
The shopping malls assets of Emaar Malls - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres - welcomed 125 million visitors during 2016, similar to annual footfall during 2015. The Dubai Mall set a similar footfall level of 80 million visitors for three consecutive years despite ongoing expansion in and around the mall, reiterating its reputation as the world's most-visited retail and lifestyle destination. The gross leasable area (GLA) occupancy levels averaged 96 per cent during 2016.  - business@khaleejtimes.com