Emaar Malls Q3 profit rises 17% to Dh376m

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded net profit of Dh1.22 billion during the first nine months of 2015, which is 30 per cent higher than the net profit for the same period last year.

Emaar Malls recorded total revenue of Dh2.19 billion during the first nine months of the year. This is 15 per cent higher than the revenue for the same period last year.

Net profit during the third quarter was Dh376 million, 17 per cent higher compared to third-quarter 2014 net profit of Dh321 million.

Revenue during Q3 2015 is Dh728 million, 12 per cent higher than Q3 2014 revenue of Dh650 million.

All shopping mall assets of Emaar Malls recorded total visitor footfall of 90 million during the first nine months of 2015 compared to 81 million during the same period last year recording an increase of 11 per cent.

Led by the increase in visitor arrivals and the robust retail environment energised by the Dubai Summer Surprises and Eid in Dubai celebrations, tenant sales across all Emaar Malls assets were Dh13.5 billion during the first nine months this year.

Emaar Malls’ gross leasable area (GLA) occupancy rate was 96 per cent during first nine months of 2015. Annualised tenant sales per square foot of Emaar Malls portfolio is at Dh4,216, almost similar compared to last year. Base Rent renewal continued to record significant increase of 29 per cent for leases renewed during the first nine months of 2015.

Mohamed Alabbar, Chairman of Emaar Malls Group, said: “The positive and sustained growth of Emaar Malls during the first nine months of this year underlines the success of our strategy to position our retail assets as family-oriented destinations. Through a diverse calendar of activities, we have focused on strengthening footfall, which has been further catalysed by the committed efforts of the government to boost the retail and leisure sector.”

He added: “We are committed to create long-term value to our stakeholders and to achieve this we are rolling out innovative retail approaches such as launch of The Souk, our community malls, and the expansion of The Dubai Mall.”