Emaar Malls reports strong growth in 2016

Emaar Malls reports strong growth in 2016
Emaar Malls reported a growth in fourth-quarter (October to December 2016) net profit by four per cent to AED 452 million ($123 million), compared to the Q4 2015 net profit of AED 435 million ($118 million).
Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, has recorded a net profit of AED 1.874 billion ($510 million) during 2016, an increase of 13 per cent over the full-year 2015 net profit of AED 1.656 billion ($451 million). FY 2016 revenue recorded a growth of 8 per cent to AED 3.227 billion ($879 million) compared to FY 2015 revenue of AED 2.992 billion ($815 million).
Emaar Malls reported a growth in fourth-quarter (October to December 2016) net profit by four per cent to AED 452 million ($123 million), compared to the Q4 2015 net profit of AED 435 million ($118 million).
Revenue for Q4 2016 increased to AED 835 million ($227 million), which is 8 per cent more than Q3 2016 revenue of AED 774 million ($211 million).
The shopping malls assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres – welcomed 125 million visitors during 2016, similar to annual footfall during 2015.
The Dubai Mall set a similar footfall level of 80 million visitors for three consecutive years despite ongoing expansion in and around the mall, reiterating its reputation as the world’s most-visited retail and lifestyle destination. The gross leasable area (GLA) occupancy levels averaged 96 per cent during 2016.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “As a global business and leisure hub, Dubai is among the top preferred destination for international retailers to expand their operations. Emaar Malls has created a dynamic platform of shopping malls that catalyse the growth of Dubai’s retail sector while offering the nation’s residents and visitors with exciting retail and leisure choices.
“In today’s digital age, we are focused on leveraging advanced technologies to ensure that our visitors have memorable experiences at our malls. We will continue to introduce new innovations, strengthened further with digital strategies to ensure that our malls stay ahead of the curve, and redefine the retail sector.
“The positive growth of the Dubai economy, led by the smart, futuristic vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, will continue to power our growth. We are now expanding our footprint with next-generation malls in Dubai Creek Harbour and Dubai Hills Estate that will make the city the first choice for retail.”