Emaar Malls, the retail business 85 per cent owned by Emaar Properties, posted a 27 per cent increase in fourth quarter net profit, beating analyst’s expectations, as it welcomed more visitors to its malls.
Net profit in the three months ending December jumped to Dh574 million from Dh452m in the year-earlier period, the company said in a statement on Monday. Revenue rose 35 per cent to Dh1.12bn from a year earlier. The results were higher than the mean forecast of Dh490m, according to a Bloomberg poll of two analysts.
“The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product,” said Mohamed Alabbar, Emaar Malls board member and chairman of Emaar Properties. “Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy.”
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Emaar Malls third quarter net profit up 11%, beats estimates
Emaar Malls takes 51 per cent stake in online fashion retailer Namshi
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Emaar Malls is expanding physically and digitally in order to get more customers into its malls and online offerings. Last year it bought a 51 per cent stake in online fashion retailer Namshi for $151m, wrapping up its hunt to land a significant e-commerce asset after it tried to buy Souq.com last year, which was acquired by e-commerce behemoth Amazon.
The company's full year net profit rose 11 per cent to Dh2.08bn from 2016, while revenue increased 12 per cent to Dh3.62bn in the period. Dubai Mall, Emaar Malls flagship property, welcomed 80 million visitors for the fourth year in a row in 2017. Overall, visitors to Emaar Malls outlets rose 4 per cent last year to 130 million from 2016.
Gross leasable area occupancy reached 94 per cent across Emaar Malls’ assets in 2017.
On Sunday, Emaar Properties, the biggest publicly traded real estate company in the UAE, said its net profit for 2017 was $1.55 billion, without providing further details.
Emaar Malls also owns and manages Souk Al Bahar, Dubai Marina Mall and Gold & Diamond Park.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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UAE currency: the story behind the money in your pockets
