Dubai (WAM): Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, have earned a full-year 2018 net profit of AED2.230 billion (US$607 million) with seven percent growth over the Fiscal Year 2017 net profit of AED2.086 billion ($568 million).
Revenue for FY 2018 was AED4.446 billion ($1.210 billion), 23 per cent higher than FY 2017 revenue of AED3.629 billion ($988 million).
Recording consistent growth quarter-on-quarter, net profit for the fourth quarter (October to December) 2018 was AED591 million ($161 million), a 10 per cent increase over the third quarter (July to September) 2018 net profit of AED 537 million ($146 million). Revenue in Q4 2018 was AED1.214 billion ($331 million), an increase of eight percent over Q3 2018 revenue of AED1.129 billion ($307 million).
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 percent over the total visitor footfall of 130 million in 2017.
Commenting on the result, 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.”
The Dubai Mall reiterated its position as the world’s most visited retail and lifestyle destination by welcoming 83 million visitors in 2018, an increase of four percent compared to the 80 million visitors it welcomed annually during the last four consecutive years.
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