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Emaar Malls profit up 30%

|By TAP Staff| Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, recorded net profit of AED 1.22 billion (US$ 332 million) during the first nine months (January to September) of 2015. This is 30 per cent higher than the net profit for the same period last year.

Net profit during the third quarter (Jul to Sep) 2015 was AED 376 million (US$ 102 million), 17 per cent higher compared to third-quarter (Jul to Sep) 2014 net profit of AED 321 million (US$ 87 million).

Emaar Malls recorded total revenue of AED 2.19 billion (US$ 596 million) during the first nine months of the year. This is 15 per cent higher than the revenue for the same period last year. Revenue during Q3 2015 is AED 728 million (US$ 198 million), 12 per cent higher than Q3 2014 revenue of AED 650 million (US$ 177 million).

All shopping mall assets of Emaar Malls, including its flagship, The Dubai Mall, recorded total visitor footfall of 90 million during the first nine months of 2015 compared to 81 million during the same period last year recording an increase of 11 per cent.

Led by the increase in visitor arrivals and the robust retail environment energised by the Dubai Summer Surprises and Eid in Dubai celebrations, tenant sales across all Emaar Malls assets were AED 13.5 billion (US$ 3.7 billion) during the first nine months this year.

Emaar Malls further underlined its reputation as the leading choice of retailers with gross leasable area (GLA) occupancy rate 96 per cent during first nine months of 2015. Annualised tenant sales per square foot of Emaar Malls portfolio is at AED 4,216 (US$ 1,148), almost similar compared to last year. Base Rent renewal continued to record significant increase of 29 per cent for leases renewed during the first nine months of 2015.