Emaar Malls posts net profits of AED 482 mn in the second quarter of 2017, a rise of 5.2% from AED 458 mn in the prior-year period, Invest-Gate reports.
In the first half of 2017, net profits grew 3% to AED 1.021 bn from AED 987 mn.
Revenues reached AED 1.624 bn in H1-17, compared to AED 1.618 bn in H1-16.
Emaar Malls’ assets, the Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park, and community shopping centers welcomed over 65 mn visitors during the first six months of the year, up 7% from the same period last year at 61 mn.
The expansion of Fashion Avenue in the Dubai Mall is in its final stages, providing another 1 mn square foot of built-up area. The company is also developing a new retail addition under its “The Souk” concept in the Springs Village and also building the Boulevard expansion.
Emaar is developing the -six-square-kilometer Retail District in Dubai Creek Harbour, and is also planning the Dubai Mall’s Fountain Views and Zabeel expansions, in addition to building a mall, community retail areas and a boutique mall in the- 11-mn-square-meter Dubai Hills Estate master-planned community.