dubai mall interior
Shoppers at the Dubai Mall Image Credit: Gulf News

Dubai: Dubai-based retail owner Emaar Malls saw a 29 per cent pop in its revenues between January to September of this year compared to 2017, while its net profits grew by nine per cent to Dh1.6 billion in the same period.

In a bourse filing on Sunday, the company said its revenue increase to Dh3.2 billion over the first nine months of 2018, up from Dh2.5 billion between January and September 2017.

Emaar Malls also reported a third quarter 2018 net profit of Dh537 million, 10 per cent higher than its third quarter net profit of Dh486 million. Revenues for the third quarter of this year were Dh1.1 billion, an increase of 29 per cent over the same period last year.

“As the world’s fourth-most visited destination, Dubai serves as the retail gateway for over 2.5 billion people who are only four hours flying distance away,” said Mohammad Al Abbar, chairman of majority owner Emaar Properties. “Emaar Malls is leveraging this growth opportunity through our retail and leisure destinations that have set industry benchmarks and contribute significantly to the local economy.”

Al Abbar concluded by saying that the company’s strong performance reflected the success of Emaar Malls’ strategy to evolve in tandem with its new generation of customers.

Today, with its malls and community shopping centres, Emaar Malls has a total gross leasable area (GLA) of 6.7 million square feet, making it one of the largest mall operators in the world. The group’s malls had an average occupancy rate of 93 per cent during the first nine months of 2018.

Emaar Malls’ properties, including the Dubai Marina Mall, registered 99 million visitors over the first nine months of the year, with Dubai Mall alone receiving 60 million visitors since January.

“The performance of the business in its first nine months remained strong with robust occupancy levels at 93 per cent across Emaar Mall assets,” said Patrick Bousquet-Chavanne, chief executive of Emaar Malls, adding: “We are particularly pleased to see the sustained growth in visitor footfall of The Dubai Mall with a four per cent increase in the first nine months to 60 million.”