Emaar Malls H1 profit surges 37% to Dh845m on higher occupancy - Emirates24|7

Emaar Malls H1 profit surges 37% to Dh845m on higher occupancy

Emaar Malls recorded a 37 per cent growth in net profit during the first six months of 2015 to Dh845 million compared to the same period in 2014.

Revenue for half-year 2015 was Dh1.462 billion, 16 per cent higher compared to the same period last year, the company said in a press statement today.

Tenant sales across all Emaar Malls assets were Dh9.6 billion almost similar to last year retail sales performance.

Emaar Malls welcomed over 62 million visitors during the first six months of 2015, 11 per cent higher than during the same period last year.

Emaar Malls base rent renewal rates recorded a significant increase of 30 per cent for leases renewed during H1 2015 across all its malls and retail assets. Overall GLA (gross leasable area) occupancy across Emaar Malls assets increased to 96 per cent.

Net profit of Emaar Malls during the second quarter of 2015 was Dh412 million, compared to Q2 2014 figures of Dh288 million, an increase of 43 per cent. Revenue for Q2 2015 was Dh727 million compared to Q2 2014 revenue of Dh653 million, an increase of 11 per cent.

Emaar Malls is expanding The Dubai Mall’s Fashion Avenue, which brings the largest number of high-end international fashion brands under one roof, by one million sqft built up area to welcome a larger assortment of leading fashion brands. The leasable area, through this expansion, is about 15 per cent of the current mall and is expected to be completed in 2016. Other assets under Emaar Malls include Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park, as well as community shopping centres.

Mohamed Alabbar, Chairman of Emaar Malls, said: “The sustained growth of Emaar Malls is catalysed by the strategic approach of Dubai to position itself as a global hub for business and leisure. The Dubai Plan 2021 to establish the city as the ‘preferred place to work, live and visit’ is energising all economic sectors including retail and tourism.”

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