(MENAFN- Khaleej Times) The companys revenues during the first quarter across its mall and retail assets was Dh735 million 21 per cent higher than Q1 2014 revenue of Dh605 million.
Dubai - Emaar Malls Group (EMG) on Wednesday reported a 32 per cent increase in first quarter net profit to Dh433 million compared to Dh329 million for the same period last year.
Emaar Properties owns 84.6 per cent of EMG after it floated 15.4 per cent of its subsidiary last September. At that time it was the Gulf’s largest share sale worth Dh5.8 billion since 2008.
The company’s revenues during the first quarter across its mall and retail assets was Dh735 million 21 per cent higher than Q1 2014 revenue of Dh605 million.
The Dubai Mall welcomed over 31 million visitors during Q1 2015 seven per cent higher than the same period last year.
Tenant sales across Emaar Malls was worth over Dh5.2 billion with Dh4.6 billion from The Dubai Mall — similar to 2014 figures.
Emaar Malls’ tenant sales were worth Dh5015 per square feet of leasable area marginally higher compared to the same period in 2014.
Emaar Malls witnessed significant upside of 26 per cent on base rent renewal rates for leases renewed in the first quarter of 2015 across all its malls and retail assets.
“Following its successful IPO and listing on the Dubai Financial Market Emaar Malls is now focused on its next level of growth through aggressive expansion in Dubai and international markets. Our malls business is a strong contributor to Emaar’s recurring revenues and we are committed more than ever to creating sustained value to our stakeholders through innovative approaches to retail leisure and entertainment” Mohamed Alabbar chairman of Emaar Malls and Emaar Properties said in a statement.
“The robust performance of Emaar Malls assets in Dubai during the first quarter was led by the positive growth of the city’s retail sector which was catalysed by the Dubai Shopping Festival the growth in tourism and round-the-year initiatives in The Dubai Mall. We will continue to build on this positive momentum and focus on delighting visitors from around the world” Alabbar added.
With a total GLA of about six million square feet Emaar Malls has GLA occupancy rate of 96 per cent. Emaar Malls is expanding The Dubai Mall’s Fashion Avenue which brings the largest number of high-end international fashion brands under one roof by one million square feet built-up area to welcome a larger assortment of fashion brands.
—
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.