Emaar Malls, the shopping malls and retail business arm of Dubai-based developer Emaar Properties, has reported profits of AED1.4bn ($368m) in 2014, a 23 per cent increase on the previous year’s results.

Revenues rose by 13 per cent last year compared with 2013, reaching AED2.7bn. Revenue from Dubai Mall accounted for 82 per cent of this total.

Emaar Properties listed 15 per cent of the malls group on the Dubai Financial Market (DFM) in 2014 after raising AED5.8bn in commitments via its initial public offering (IPO).

According to a bourse filing, the IPO’s order book was 30 times oversubscribed for the institutional tranche and more than 20 times oversubscribed for the individual tranche.

The proceeds of the IPO were distributed as shareholder dividend.

Emaar Properties is also considering listing its hotels business, but has not given a specific timeframe for this.

It is part of the developer’s strategy to make its business segments independently listed companies.

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