Emaar Malls has reported a net profit of AED1.506bn ($410m) during the first nine months of this year, up 6 per cent on the AED1.422bn of profit made during the same period last year.
Total revenue for the first nine months of 2017 was AED2.5bn, which is 5 percent higher than the revenue of AED2.39bn made during the same period of 2016.
Net profit was AED485m during the third quarter, up 11 per cent on the third quarter of 2016.
Revenues for the third quarter were AED876m, up 13 per cent on the AED774m reported for same period last year. With a gross leasable area of about 600,000 square metres in Dubai, occupancy levels across Emaar Malls’ assets averaged 95 percent during the first nine months of 2017.
The increase in revenues during the third quarter was driven in part by the consolidation of revenues from online retailer Namshi, which Emaar Malls acquired in August. Namshi recorded sales of AED196m during the third quarter of 2017, an increase of 39 per cent compared to the same period in 2016.
Emaar is building several new malls in Dubai, include a new retail centre at Dubai Hills and what is expected to be the world’s largest shopping mall at Dubai Creek Harbour. It is also expanding Dubai Mall.