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Emaar Malls records a growth with net profit of $607bln in 2018

UAE - February 14, 2019

Emaar Malls has announced that it has recorded a full-year 2018 net profit of Dh2.23 billion, a growth of 7% over the 2017 net profit of Dh2.086 billion.

Revenue for the year stood at Dh4.446 billion, 23% higher than in 2017 when the revenue of Dh3.629 billion was recorded. Recording consistent growth quarter-on-quarter, net profit for Q4 of 2018 was Dh591 million, a 10% increase over Q3 2018 net profit of Dh537 million. Revenue in Q4 of 2018 was Dh1.214 billion, an increase of 8% over Q3 of 2018 revenue of Dh1.129 billion.

One of the world’s largest mall operators with a total gross leasable area of 6.7 million square feet, Emaar Malls also maintained strong occupancy levels across its assets – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the Community Retail Centres – at 93%. The malls and retail centres together welcomed 136 million visitors in 2018, an increase of 5% over the total visitor footfall of 130 million in 2017.

Mohamed Alabbar chairman of Emaar Properties said that the malls and retail sector continues to be highly competitive and the successful performance of Emaar Malls in 2018 gained from the strong economic fundamentals of Dubai and the successful opening of the Fashion Avenue extension. They will continue to contribute to the economy through sustained investment in their assets to delight residents and visitors from around the world. Emaar Malls is staying ahead of the curve by investing in innovative concepts and introducing added choices and experiences that appeal to the new generation of customers.

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