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Emaar Malls’ Q1 profits grow 7%

Emaar Malls’ Q1 profits grow 7%
Net profits recorded AED 584 million ($159 million) in Q1-19
Emaar Malls
EMAARMALLS
-0.96% 2.07 -0.02

Dubai – Mubasher: Emaar Malls posted a 7% year-on-year increase in profits for the first quarter of 2019.

Net profits recorded AED 584 million ($159 million) in Q1-19, compared to AED 548 million ($149 million) in Q1-18, according to the company’s statement to the Dubai Financial Market (DFM) on Monday.

“The positive performance of Emaar Malls this quarter is driven by two key strategic imperatives: the continued introduction of newness across product categories in the Dubai Malls with the launch of 12 new brands in the quarter, and the successful execution of special events and retailers activations around Dubai Shopping Festival and Chinese New Year,” Patrick Bousquet-Chavanne, CEO of Emaar Malls, commented.

Total revenues grew 4% year-on-year to AED 1.075 billion ($293 million) during the first three months of 2019.

“The growth of Emaar Malls was underlined by the strong performance of its shopping mall assets including The Dubai Mall, Dubai Marina Mall, and the Community Retail Centers,” the statement highlighted.

It is worth noting that 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).