Dubai: The downbeat sentiments in the local retail sector isn’t mirrored in Emaar Malls’ revenues or net profits for the first nine months. Revenues were up 15 per cent to Dh2.19 billion, for net profits to weigh in Dh1.22 billion. That is 30 per cent higher than the comparable figures for 2014.
Even during the third quarter, there were gains — net profit was higher by 17 per cent to Dh376 million on revenues of Dh728 million (Dh650 million in the third quarter of 2014).
Interestingly, annualised tenant sales per square foot across the entire portfolio was Dh4,216, “almost similar compared to last year”, the company said in a statement. But the “base rent” renewal recorded significant gains of 29 per cent for leases renewed during the three quarters.
Tenant sales across all its retail assets were Dh13.5 billion during the same period.
Meanwhile, The Dubai Mall’s Fashion Avenue will see another 1 million square feet of built-up area added to the existing gross leasable area of about 6 million square feet. The expansion will add “at least 150 new international and regional brands,” the statement added.
The leasable area following the expansion is about 15 per cent of the current mall and is expected to be completed next year.
