Emaar Malls records 23% growth in net profit to AED 1.656 billion (US$ 451 million) in 2015

Real Estate

Emaar Malls records 23% growth in net profit to AED 1.656 billion (US$ 451 million) in 2015

Emaar Malls (DFM: EMAARMALLS), the shopping center and retail company majority-owned by worldwide building developer Emaar Properties, recorded a net earnings of AED 1.656 billion (US$ 451 million) for full-year 2015 (FY2015). This is 23 per cent higher than the FY2014 net revenue of AED 1.351 billion (US$ 368 million).

FY2015 rental earnings tape-recorded a growth of 11 percent to AED 2.992 billion (US$ 815 million), as compared to AED 2.694 billion (US$ 733 million) in FY2014.

Net profit during Q4 (October to December) 2015 was AED 435 million (US$ 118 million), which is 16 percent higher than the Q3 (July to September) 2015 net profit of AED 376 million (US$ 102 million). Rental earnings during Q4 2015 was 821 million (US$ 224 million), a 14 percent boost over the Q3 2015 rental income of AED 720 million (US$ 196 million).

Continuing the healthy pattern, Emaar Malls occupancy levels increased to reach 96 percent in 2015, while base rent renewal rates clocked an increase of 25 per cent for leases restored throughout 2015.

Visitors arrival across all Emaar Malls assets crossed the landmark 124 million in 2015, an increase of 9 per cent compared with 2014, with The Dubai Mall accounting for 80 million yearly visitors, once again clinching the honour as the world's most-visited buying and leisure location.

Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, stated: "The retail sector is an essential factor to Dubai's GDP, and Emaar Malls assets mark a significant contribution to defining our city as must-visit location for retail and leisure. The Dubai Mall, our prize asset, is today the first choice for luxury retail for high net worth individuals from a wider catchment area of the Middle East, Africa, South Asia and China, thus serving over 2.5 billion people. The robust efficiency of all our shopping center assets highlight our dedication to continual value production for our stakeholders.".

"A crucial pillar of the Dubai Plan 2021 announced by HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, is to make sure that Dubai changes as one of the world's leading business centres. Through our retail and leisure attractions within our shopping centers, we are delivering on HH's vision by creating globally unique lifestyle experiences that add to the pride of the city," said Mr. Alabbar.

Emaar Malls today has a gross leasable location of about 6 million sq ft. This is being expanded with the continuous addition of another 1 million sq ft built-up area at The Dubai Mall's Fashion Avenue. It will include another 150 worldwide and local brands to the shopping mall, adding more choice to visitors.

One of the defining success stories of Emaar Malls in 2015 was hosting the 3rd edition of the Vogue Fashion Dubai Experience at The Dubai Mall. The two-day occasion saw a rise in visitor arrivals highlighted by the involvement of the world's who's who in fashion industry. The occasion defined Dubai as a global fashion capital while functioning as a platform to promote and support emerging designer talents from around the globe.