Emaar Malls posts 11pc jump in net profit

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded a net profit of Dh2.080 billion ($566 million) in 2017, 11 per cent higher than the net profit of Dh1.874 billion ($510 million) during 2016. Announcing the results for the full-year 2017, Emaar Malls said its revenue ballooned to Dh3.629 billion ($988 million), thus registering a growth of 12 per cent over the 2016 revenue of Dh3.227 billion ($879 million). In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of Dh574 million ($156 million), 18 per cent higher than the Q3 2017 (July to September) net profit of Dh485 million ($132 million), and 27 per cent higher than Q4 2016 net profit of Dh452 million ($123 million). Revenue for Q4 2017 was Dh1.129 billion ($307 million), 29 per cent higher than the Q3 2017 revenue of Dh876 million ($238 million), and 35 per cent higher than the Q4 2016 revenue of Dh835 million ($227 million). The gross leasable area (GLA) occupancy levels across Emaar Malls assets averaged 94 per cent during 2017. Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, four per cent higher than the visitor turnout of 125 million during 2016. Mohammed Alabbar, the chairman of Emaar Properties and board member of Emaar Malls, said: "The sustained growth of Emaar Malls highlights the robust performance of our nation's retail sector, a key contributor to the gross domestic product." "As a global retail hub today, Dubai is delivering truly world-class choices with our shopping mall assets serving as preferred destinations for international, regional and UAE-based brands," he added. The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, welcomed 80 million visitors in 2017, for the fourth consecutive year, further underlining its reputation as the world's most visited retail destination. In major highlights of the year that demonstrated the value creation and digital focus of Emaar Malls, the company distributed 10 per cent of its share capital, equivalent to Dh1.301 billion ($354 million), as cash dividend to the shareholders, and it completed the acquisition of leading Middle East online fashion retailer Namshi. Following Emaar Malls' acquisition, Namshi recorded sales of Dh306 million ($83 million), an increase of 57 per cent compared to the same period in 2016