Emaar Malls reports strong annual growth, announces “next-generation” malls
Emaar Malls, owner of The Dubai Mall, Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park, increased net profit by 13% to 1.874 billion dirhams ($510 million) in 2016, with revenue growing by 8% to 3.227 billion dirhams (or $879 million).
Net profit for the fourth quarter was up by 4% to 452 million dirhams ($123 million), while revenue jumped 8% to 835 million dirhams.
Analysts had expected quarterly profits to reach between 466.95 million and 468.95 million dirhams, according to Sico Bahrein and EFG Hermes.
The results follow a flat year for the company in terms of visitor numbers, with 125 million people visiting Emaar Malls in 2016 –slightly ahead of 124 million visits in 2015.
The company said it plans to launch “next-generation” malls in Dubai Creek Harbour and Dubai Hills Estate, which will make the city “the first choice for retail”. Additionally, it will continue to emphasize its drive for innovation.
“In today’s digital age, we are focused on leveraging advanced technologies to ensure that our visitors have memorable experiences at our malls. We will continue to introduce new innovations, strengthened further with digital strategies to ensure that our malls stay ahead of the curve, and redefine the retail sector,” said Emaar Malls chairman Mohamed Alabbar.
Emaar says its flagship shopping site The Mall is “the world’s most visited shopping and entertainment destination”. The 12.1 million sq ft mall includes a 444,000 sq ft fashion precinct which is home to more than 80 luxury brands including Chanel, Gucci, Alexander McQueeen, MCM, Valentino and Burberry.
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