Dubai – Mubasher: Emaar Malls reported a 7% year-on-year profit increase during the full-year 2018, logging AED 2.230 billion ($607 million) from AED 2.086 billion ($568 million).

As for the fourth quarter of 2018, the retail and shopping malls arm of Emaar Properties posted a 2% profit growth to AED 591 million, versus AED 579 million in the year-ago period, according to the UAE company’s statement on Wednesday.

On a quarterly basis, Emaar Malls’ profits rose 10% in Q4-18, against AED 537 million in Q3-18.

Meanwhile, revenues went up 8% to AED 1.214 billion in the October-December period of 2018, versus AED 1.129 billion in the July-September period.

For the full-year 2018, Emaar Malls’ revenues surged 23% to AED 4.446 billion, from AED 3.629 billion in 2017.

With a total leasable area of 6.7 million square feet, Emaar Malls kept strong occupancy levels of 93% and received 136 million visitors in 2018, from 130 million in the prior year.

“The success story recorded by The Dubai Mall in 2018, as we marked its tenth anniversary, is a strong testament to the value-add that the company brings to the retail sector in the region,” Emaar Malls’ CEO Patrick Bousquet-Chavanne said.

It is noteworthy that Emaar Malls acquired a controlling stake in the online fashion and beauty retailer Namshi in August 2017.