Emaar Malls Records 11% Increase In Net Profit To AED 2.080 Billion (US$ 566 Million) In 2017

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC (DFM: EMAAR), recorded a net profit of AED 2.080 billion (US$ 566 million) in 2017, 11 per cent higher than the net profit of AED 1.874 billion (US$ 510 million) during 2016. Revenue for full-year 2017 was AED 3.629 billion (US$ 988 million), a growth of 12 per cent over 2016 revenue of AED 3.227 billion (US$ 879 million).

In the fourth quarter of 2017 (October to December), Emaar Malls recorded a net profit of AED 574 million (US$ 156 million), 18 per cent higher than the Q3 2017 (July to September) net profit of AED 485 million (US$ 132 million), and 27 per cent higher than Q4 2016 net profit of AED 452 million (US$ 123 million).

Revenue for Q4 2017 was AED 1.129 billion (US$ 307 million), 29 per cent higher than the Q3 2017 revenue of AED 876 million (US$ 238 million), and 35 per cent higher than the Q4 2016 revenue of AED 835 million (US$ 227 million).

Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94 per cent during 2017. Together, the malls and retail centres of Emaar Malls welcomed 130 million visitors in 2017, 4 per cent higher than the visitor turnout of 125 million during 2016.