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Emaar Malls H1 net profit surges 37pc

DUBAI, July 22, 2015

Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, has recorded a 37 per cent growth in net profit during the first half which soared to Dh845 million ($230 million) compared to the same period in 2014.

Announcing the results for the first six months, Emaar Malls said its revenue surged 16 per cent to Dh1.462 billion ($398 million), over the same period last year.

The tenant sales across all Emaar Malls assets were Dh9.6 billion ($2.6 billion) almost similar to last year retail sales performance, it stated.

Emaar Malls, which includes The Dubai Mall, its flagship mall and the world’s largest retail and entertainment destination, welcomed over 62 million visitors during the first six months of 2015, 11 per cent higher than during the same period last year.

Defining the value generated from their partnership with Emaar Malls, base rent renewal rates recorded a significant increase of 30 per cent for leases renewed during the first half across all its malls and retail assets, said the statement from Emaar Malls.

The overall GLA (gross leasable area) occupancy across Emaar Malls assets increased to 96 per cent.

Emaar's retail unit said its net profit for the second quarter (April to June) soared to hit Dh412 million ($112 million), up 43 per cent compared to Dh288 million ($78 million) last year.

The revenue for the same period surged 11 per cent to Dh727 million ($198 million), compared to Dh653 million ($178 million) last year.

Commenting on the results, chairman Mohamed Alabbar, said: "The sustained growth of Emaar Malls is catalysed by the strategic approach of Dubai to position itself as a global hub for business and leisure led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai."

"The Dubai Plan 2021 to establish the city as the ‘preferred place to work, live and visit’ is energising all economic sectors including retail and tourism. We are committed to creating long-term value to Dubai’s economy through our expansion plans and our emphasis on providing value-added lifestyle experiences to the mall visitors," he stated.

"Across all indicators of growth, Emaar Malls has accomplished impressive results, defining the sustained value that it generates for all stakeholders. A key contributor to the recurring revenues of Emaar Properties, our shopping malls and retail business is also setting international benchmarks in the industry," noted Alabbar.

"This is highlighted by the robust footfall and tenant sales at The Dubai Mall, our flagship asset," he added.-TradeArabia News Service




Tags: Dubai | profit | Emaar Malls |

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