Emaar Malls recorded a net profit of $566m (AED2.08bn) in 2017, 11% higher than 2016 figures, which stood at $510m (AED1.87bn).
In a statement, Emaar Properties’ majority-owned shopping malls and retail business announced that its revenue for 2017 reached $988m (AED3.63bn), reflecting a 12% hike over its 2016 revenue of $879m (AED3.23bn).
The company further revealed that its Q4 2017 net profit was $156m (AED574m), 18% higher than the Q3 2017 net profit of $132m (AED485m), and 27% higher than the Q4 2016 net profit of $123m (AED452m).
Meanwhile, Emaar Malls' revenue for Q4 2017 was $307m (AED1.13bn), 35% higher than its Q4 2016 revenue, valued at $227m (AED835m).
Emaar Malls' Q4 2017 revenue is also 29% higher than its Q3 2017 revenue – worth $238m (AED876m).
According to the company, gross leasable area (GLA) occupancy levels across its assets averaged 94% in 2017, while visitor numbers reached 130 million, 4% higher than 2016’s 125 million.
Commenting on the company’s 2017 financial results, Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: "The sustained growth of Emaar Malls highlights the robust performance of our nation's retail sector, a key contributor to the gross domestic product.
“Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy, complementing the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, while creating long-term value for our stakeholders."
In 2017, Emaar Malls completed the acquisition of online fashion retailer, Namshi,, and distributed 10% of its share capital, equivalent to $354m (AED1.3bn), as cash dividend to its shareholders.
Moreover, it launched Dubai Hills Mall, a retail district located in Dubai Hills with a 2019 target opening date. Work has commenced on the property, which will reportedly boast a GLA of 190ha and more than 750 retail outlets.
The company has also commenced work on The Dubai Mall’s Mohammed bin Rashid Boulevard expansion, as well as a retail addition to its ‘The Souk’ concept in the Springs Village, and a retail district in Dubai Creek Harbour.