Emaar Malls records 11% surge in net profit at Dhs2.080b

13/02/2018 05:37 AST

Emaar has recorded a net profit of Dhs2.080 billion ($566 million) in 2017, 11 per cent higher than the net profit of Dhs1.874 billion ($510 million) during 2016. Revenue for full-year 2017 was Dhs3.629 billion, a growth of 12 per cent over 2016 revenue of Dhs3.227 billion.

In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of Dhs 574 million ($156 million), 18 per cent higher than the Q3 2017 (July to September) net profit of Dhs485 million , and 27 per cent higher than Q4 2016 net profit of Dhs452 million.

Mohamed Alabbar, 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. Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy, complementing the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, while creating long-term value for our stakeholders.”

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 AED 1.301 billion (US$ 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 AED 306 million (US$ 83 million), an increase of 57 per cent compared to the same period in 2016.

The Gulf Today