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Emaar Malls records 8% YOY growth in H1'18 net profit

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Emaar Malls records 8% YOY growth in H1'18 net profit

Emaar Malls PJSC logged an 8% year-over-year increase in its net profit to approximately 1.10 billion United Arab Emirates dirhams for first-half 2018, up from about 1.02 billion dirhams.

For the same span of six months, the Dubai-based property developer recorded revenue of 2.10 billion dirhams, climbing 29% from 1.62 billion dirhams in the year-ago period, according to an earnings release.

In the second quarter, Emaar Malls' net profit amounted to 554 million dirhams, marking a 15% rise from 482 million dirhams in the 2017 second quarter. From April to June, its revenue rose to approximately 1.07 billion dirhams, up 35% year over year from 788 million dirhams.

Meanwhile, Emaar Malls' The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and other community retail malls recorded footfall of 67 million for the 2018 first half, up 3% year over year. Occupancy levels at its malls weighed in at 93% for the same period.

The developer is developing the 2.6 million-square-meter Dubai Square mixed-use complex at the city's Dubai Creek Harbour, which will comprise more than 750,000 square meters of retail area, as well as hospitality and residential elements.

Another project, The Dubai Hills Mall, is also being constructed to yield roughly 650 retail units spread across a gross leasable area of approximately 2 million square feet. The retail development will consist of four large family entertainment and leisure centers, a cinema, hypermarket, seven anchor stores and parking spaces for more than 7,000 vehicles.

Emaar Malls has also started on its expansion project of The Dubai Mall's Mohammed bin Rashid Boulevard, Fountain Views and Zabeel areas.

As of July 27, US$1 was equivalent to 3.67 United Arab Emirates dirhams.