Dubai’s Emaar Malls posts 3.9 per cent rise in Q4 profit
Dubai’s Emaar Malls, a unit of Emaar Properties, reported a 3.9 percent rise in fourth-quarter net profit on Tuesday.
* Net profit of 452 million UAE dirhams ($123 million) in the three months to Dec. 31, it said in a statement, compared with a profit of 435 million dirhams in the same period a year earlier.
* EFG Hermes forecast: 466.95 mln dirhams. SICO Bahrain: 468.95 mln dirhams.
* Quarterly rental income was 835 million dirhams, up from 821 million dirhams a year earlier.
* For the full-year Emaar Malls posted a net profit of 1.87 billion dirhams, against a 1.66 billion dirhams in 2015. Emaar Properties owns about 85 percent of Emaar Malls, having floated the remainder in 2014. At the time, the 5.8 billion dirham share sale was the Gulf’s largest since 2008.
“As a global business and leisure hub, Dubai is among the top preferred destination for international retailers to expand their operations,” said Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties.
“We are now expanding our footprint with next-generation malls in Dubai Creek Harbour and Dubai Hills Estate that will make the city the first choice for retail,” Alabbar added.
(With inputs from Reuters)