Emaar Malls recorded a 13% increase in net profit of USD 510 mn in 2016, up from 2015’s net profit of USD 451 mn, Invest-Gate reports.

According to a press release, in FY2016, revenue recorded an increase of 8% to USD 870 mn compared to FY2015’s revenue of USD 815 mn. Moreover, the revenue for Q4FY2016 increased to USD 227 mn, which is 8% higher than Q3FY2016’s revenue of USD 211 mn.

Emaar Malls reported an increase in Q4FY2016 net profit by 4% to USD 123 mn, compared to Q4FY2015’s net profit of USD 118 mn.

“The positive growth of the Dubai economy, led by the smart, futuristic vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, will continue to power our growth,” says Chairman of Emaar Malls and Emaar Properties Mohamed Alabbar.

“We are now expanding our footprint with next-generation malls in Dubai Creek Harbor and Dubai Hills Estate that will make the city the first choice for retail,” he continues.