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Emaar Malls net profit rises 3% YOY in H1'17

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Emaar Malls net profit rises 3% YOY in H1'17

Emaar Malls PJSC's net profit came in at 1.02 billion United Arab Emirates dirhams in the 2017 first half, reflecting a 3% increase from 987 million dirhams recorded in the year-ago period.

Revenue remained steady at 1.62 billion dirhams, similar to the nearly 1.62 billion dirhams recorded at first half of 2016.

Occupancy rates across the mall operators' properties slid down 1% year over year from 96% to 95% in the six months ended June 30. Meanwhile, footfall at The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and other community shopping centers jumped 7% from 61 million visitors to reach 65 million visitors in the comparable period.

The company also paid a cash dividend to shareholders amounting to 10% of its share capital.

In the second quarter — which saw the company take a US$151 million, 51% stake in Middle Eastern online fashion retailer Namshi, as part of its digital strategy — Emaar Malls' net profit totaled 482 million dirhams, a 5% increase from 2016 second-quarter profit of 458 million dirhams.

As of Aug. 4, US$1 was equivalent to 3.67 United Arab Emirates dirhams.