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08/11/2017 15:12 AST
Emaar Malls, the retail business majority-owned by Emaar Properties, recorded a net profit of AED1.506 billion ($410 million) during the first nine months of 2017.
The company reported a growth of 6 percent over the net profit of AED1.422 billion during the same period in 2016.
Total revenue for the first nine months of the year was AED2.5 billion, up 5 percent, it said in a statement.
Following Emaar Malls' acquisition, online fashion retailer Namshi recorded sales of AED196 million during Q3, an increase of 39 percent, it added.
Emaar Malls said it reported Q3 revenue of AED876 million, 13 percent higher than Q3 2016 while net profit was AED485 million, an 11 percent growth.
With a gross leasable area (GLA) of 6 million sq ft in Dubai, occupancy levels across Emaar Malls' assets averaged 95 percent during the first nine months of 2017, the company added.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: "We are further strengthening the retail sector in Dubai to offer future-ready shopping environments with new projects such as the dedicated high-end retail precinct in Dubai Creek Harbour.
"With the shifts in shopping trends, it is important to adopt innovative strategies, and we are focused on creating socially and culturally inspiring spaces for people."
Arabian Business
15/02/2018
Emaar Properties recorded a net operating profit of Dhs5.704 billion ($ 1.553 billion) during full-year (January to December) 2017, a growth of 16 per cent over the FY 2016 net operating profit of Dh
The Gulf Today
13/02/2018
Emaar has recorded a net profit of Dhs2.080 billion ($566 million) in 2017, 11 per cent higher than the net profit of Dhs1.874 billion ($510 million) during 2016. Revenue for full-year 2017 was Dhs3.
The Gulf Today
09/11/2017
The acquisition Dubai-based online fashion retailer Namshi underpinned Emaar Malls' financial performance in the third quarter, the shopping mall operator and retailer said on Wednesday. Net profit
Arab News
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Financial Information Co.
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