Emaar Malls records Dhs987m profit in H1

28/07/2016 05:36 AST

Emaar Malls has reported first-half 2016 net profit of Dhs987 million, 17 per cent higher than the net profit of Dhs845 million during the same period last year.

Revenue for H1 2016 is Dhs1.618 billion ($441 million), 11 percent higher than the H1 2015 revenue of Dhs1.452 billion.

Sustaining the growth momentum set, Emaar Malls recorded a net profit of Dhs458 million during the second-quarter (April to June) of 2016.

Revenue too recorded sustained growth during Q2 2016 at Dhs 785 million ($214 million), an increase of 9 percent over Q2 2015 revenue of Dhs721 million.

Mohamed Alabbar, Chairman of Emaar Malls, said: “Our exceptional portfolio of malls assets has redefined Dubai’s retail sector and contributes significantly to the city’s economy. Our focus has been to offer unprecedented retail choices for our visitors in truly world-class environments. Emaar Malls assets serve as a magnet for visitors from across the world, especially high net worth individuals who now regard Dubai as their go-to destination for luxury retail.

“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world.” He added: “The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business.”

Overall gross leasable area (GLA) occupancy across the assets of Emaar Malls remained 96 percent during the first half of 2016, similar to the previous year.

The Gulf Today