DUBAI: Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED 2.080 billion (US$ 566 million) in 2017, 11 per cent higher than the net profit of AED 1.874 billion (US$ 510 million) during 2016. Revenue for full-year 2017 was AED 3.629 billion (US$ 988 million), a growth of 12 per cent over 2016 revenue of AED 3.227 billion (US$ 879 million).
In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of AED 574 million (US$ 156 million), 18 per cent higher than the Q3 2017 (July to September) net profit of AED 485 million (US$ 132 million), and 27 per cent higher than Q4 2016 net profit of AED 452 million (US$ 123 million).
Revenue for Q4 2017 was AED 1.129 billion (US$ 307 million), 29 per cent higher than the Q3 2017 revenue of AED 876 million (US$ 238 million), and 35 per cent higher than the Q4 2016 revenue of AED 835 million (US$ 227 million). 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, 4 per cent higher than the visitor turnout of 125 million during 2016.
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. 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."
© Copyright Emirates News Agency (WAM) 2018.