Retail and malls arm of the Dubai real-estate giant says it made $117.8 million in first three months of the year
Emaar Malls, the retail and malls arm of the Dubai real-estate giant, has announced a 32% increase in its first quarter profits.
The firm, which is listed on the Dubai Financial Market, says it made $117.8 million in the first three months of the year, compared to $89.5m during the same period in 2014.
Revenue for the same period was $200 million, up by 21% from $164.7 million a year earlier.
“The robust performance of Emaar Malls assets in Dubai during the first quarter was led by the positive growth of the city’s retail sector, which was catalysed by the Dubai Shopping Festival, the growth in tourism and round-the-year activation initiatives in The Dubai Mall,” said Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties.
Dubai Mall, Emaar’s flagship retail property, contributed the single largest sum of tenant sales – $1.25 billion. Total tenant sales amounted to “more than $1.41 billion”, Emaar said. The tenant sales were set at $1,365 per square foot of leasable, which was ‘marginally higher’ compared to the same period in 2014, Emaar Malls said.
The base-rent renewal rates for leases were up by 26% compared to the first quarter of 2014.