Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of AED2.08bn in 2017, 11% higher than the net profit of AED1.87bn during 2016.
Revenue for full-year 2017 was AED3.62bn, a growth of 12% over 2016 revenue of AED3.22bn.
In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of AED574mn, 18% higher than the Q3 2017 (July to September) net profit of AED485mn, and 27% higher than Q4 2016 net profit of AED452mn.
Revenue for Q4 2017 was AED1.12bn, 29% higher than the Q3 2017 revenue of AED876mn, and 35% higher than the Q4 2016 revenue of AED835mn.
Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94% during 2017. Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4% higher than the visitor turnout of 125 million during 2016.
In major highlights of the year that demonstrated the value creation and digital focus of Emaar Malls, the company distributed 10% of its share capital, equivalent to AED1.3bn, 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 AED306mn, an increase of 57% compared to the same period in 2016.
Emaar has also announced the launch of the Dubai Hills Mall, a family retail district in Dubai Hills Estate. Work has commenced on the mall, which is scheduled to open in late 2019, with a GLA of 176,515sqm, Dubai Hills Mall will feature more than 750 retail outlets including an array of fast fashion retail stores, restaurants and cafés. The mall will have four major family entertainment and leisure centres as well as a cineplex, hypermarket, seven anchor retail experience stores, and dedicated parking spaces for over 7,000 vehicles.
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 nations 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 and Prime Minister and Ruler of Dubai, while creating long-term value for our stakeholders.
Emaar Malls has commenced work on The Dubai Malls Mohammed bin Rashid Boulevard expansion that will serve as an active link to both Mohammed bin Rashid Boulevard as well as its Fountain Views and Zabeel expansions. Emaar Malls is also developing a new retail addition under its The Souk concept in the Springs Village with over 22,761sqm GLA. Another prestigious addition is the retail district in Dubai Creek Harbour, which will be linked to the Dubai Creek Tower, a new global icon in the making.