Emaar Malls records 7% growth in 2018

Emaar Malls has announced that it has recorded a full-year 2018 net profit of $607bln

  
A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

UAE - Emaar Malls has announced that it has recorded a full-year 2018 net profit of Dh2.23 billion, a growth of seven per cent over the 2017 net profit of Dh2.086 billion.

Revenue for the year stood at Dh4.446 billion, 23 per cent higher than in 2017, when a revenue of Dh3.629 billion was recorded. Recording consistent growth quarter-on-quarter, net profit for the fourth quarter of 2018 was Dh591 million, a 10 per cent increase over the third quarter 2018 net profit of Dh537 million. Revenue in the fourth quarter of 2018 was Dh1.214 billion, an increase of eight per cent over the third quarter of 2018 revenue of Dh1.129 billion.

One of the world's largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls also maintained strong occupancy levels across its assets - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres - at 93 per cent. The malls and retail centres together welcomed 136 million visitors in 2018, an increase of five per cent over the total visitor footfall of 130 million in 2017.

Mohamed Alabbar, chairman of Emaar Properties, said: "The malls and retail sector continues to be highly competitive and the successful performance of Emaar Malls in 2018 gained from the strong economic fundamentals of Dubai and the successful opening of the Fashion Avenue extension. We will continue to contribute to the economy through sustained investment in our assets to delight residents and visitors from around the world. Emaar Malls is staying ahead of the curve by investing in innovative concepts and introducing added choices and experiences that appeal to the new generation of customers."

Patrick Bousquet-Chavanne, CEO of Emaar Malls, added: "The success story recorded by The Dubai Mall in 2018, as we marked its tenth anniversary, is a strong testament to the value-add that the company brings to the retail sector in the region. Our teams continue to focus on delivering outstanding experiences to our end customers and on executing on our strategic expansion plans - not only by creating new and world-class retail assets - but also by transforming our proposition through digital and omnichannel strategies that will help create long-term value for all our stakeholders."

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