Emaar Malls profits up 23%

Emaar Malls profits up 23%Image Credit: Supplied

Emaar Malls recorded a net profit of more than Dh1.35 billion last year, 24 per cent higher than the net profit of more than Dh1.09 million in 2013. The shopping malls and retail business of global property developer Emaar Properties achieved more than Dh2.70 billion in revenue, 13 per cent higher than the previous year's Dh2.39 billion.

Revenue from The Dubai Mall accounted for about 82 per cent of the total at Dh2.22 billion, an increase of 12 per cent compared to 2013. The mall's total tenant sales was Dh16 billion, accounting for nearly 5 per cent of Dubai's GDP in 2013. It was also 14 per cent higher than the previous year's Dh14 billion.

Positive growth

Tenant sales across Emaar Malls' portfolio was more than Dh18 billion, a rise of 14 per cent. Emaar Malls has a total gross leasable area (GLA) of about six million sq ft and recorded a GLA occupancy rate of 95 per cent last year. ''The strong revenue growth recorded by Emaar Malls highlights Dubai's clear emergence as the world's premier shopping and leisure destination,'' said Mohammed Alabbar, Chairman of Emaar Malls and Emaar Properties.

''The positive growth reflects the successful strategy outlined by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to establish the city as a global hub and year-round destination for business, tourism and fashion.

Expansion plans

''In addition to contributing about 5 per cent of Dubai's GDP through retail sales at The Dubai Mall, our shopping mall assets created sustained positive economic impact by attracting international retail investments, creating thousands of new jobs and supporting the city's hospitality and aviation sectors,'' said Alabbar.

''We will continue to focus on delivering innovative retail and leisure experiences to our visitors, adding consistent value to our shareholders.''

Emaar Malls, which won the ICAEW Middle East Accountancy and Finance Excellence Award 2014 in the Corporate Finance Deal of the Year category, had a successful initial public offering last year with total orders of more than Dh172 billion.

The company said it is currently expanding The Dubai Mall's Fashion Avenue by one million sq ft, bringing the largest number of high end international fashion brands under one roof.

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Source: Property Weekly


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