Emaar Properties shopping-mall subsidiary records $230m profit for first half of the year
Emaar Malls, the Dubai property giant’s malls and retail arm, has recorded a 37% growth in net profit for the first half of 2015 compared to the same period last year.
The Dubai Financial Market-listed company, which is majority owned by Emaar Properties, announced a profit of $230 million (AED845m) for the first six months of this year, on revenue of $398 million (AED1.46b).
Emaar Malls, which counts The Dubai Mall as its flagship property, welcomed over 62 million visitors from January to June this year, 11% higher than the same period last year.
Net profit during the second quarter was $112 million (AED412m), a 43% increase from the same period in 2014.
“Across all indicators of growth, Emaar Malls has accomplished impressive results, defining the sustained value that it generates for all stakeholders,” said Mohamed Alabbar, Emaar chairman.
“A key contributor to the recurring revenues of Emaar Properties, our shopping malls and retail business is also setting international benchmarks in the industry. This is highlighted by the robust footfall and tenant sales at The Dubai Mall, our flagship asset.”