DUBAI, Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED548 million (US$149 million) during the first quarter of 2018, similar to the net profit of AED539 million (US$147 million) in Q1 2017.
Revenue for the first three months of 2018 was AED1.038 billion (US$283 million), 24 percent higher than the Q1 2017 revenue of AED836 million (US$228 million), primarily due to the consolidation of Namshi revenue in 2018. Highlighting its focus on value creation for shareholders, at its third Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED1.301 billion (US$354 million), equivalent to 10 percent of share capital, for the third consecutive year.
Across the assets of Emaar Malls � including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold and Diamond Park and community shopping centres � gross leasable area occupancy levels were robust at 95 percent. Together these retail destinations welcomed over 35 million visitors in Q1 2018, a growth of three percent over the same period in 2017. The Dubai Mall alone welcomed 21 million visitors.
Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said, “We have been shaping the retail sector of Dubai by building world-class retail and leisure destinations as well as ensuring that they offer retail choices that meet the aspirations of today’s tech-savvy youth. We will continue to implement innovative approaches that bring back the charm of retail as a family activity, with a focus on delighting our customers, bringing digital innovation and driving deep customer personalisation and efficiency.” Emaar Malls has a gross leasable area of over 6.4 million sq. ft. in Dubai, and has commenced work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion that will link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions of the mall.
Source: Emirates News Agency