Emaar Malls, the retail business arm of Dubai-based developer Emaar Properties, posted a 16 per cent rise in third-quarter net profit on Sunday.
During the three-month period ending on September 30, the company made a net profit of AED435 million, compared with AED376m in the corresponding period in 2015.
Revenue rose 8 per cent to AED774m from AED720m a year earlier.
In the first nine months of 2016, Emaar Malls’ net profit was AED1.42 billion, up 16 per cent from AED1.22bn in the same period a year ago.
The total revenue for the January-September period reached AED2.39bn rising 10 per cent from AED2.17bn during the same period last year.
“Having set a track-record in delivering retail and leisure experiences, Emaar Malls is charting a new growth strategy. This is underpinned by the expansion of The Dubai Mall and the development of mega-retail precincts in Dubai Creek Harbour and Dubai Hills Estate,” said Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties.
“The robust economic environment of Dubai, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, catalyses the retail sector of the city. We will continue to develop iconic retail and leisure destinations in Dubai and key international markets to create long-term value for our stakeholders,” added Alabbar.