LONDON: Emaar Malls has recorded an 11 percent increase in its 2017 full-year profits compared to the previous year, on the back of rising visitor numbers to its Dubai shopping centers.
Total net profit reached 2.08 billion dirhams ($566 million), compared to 1.874 billion dirhams in 2016, according to a company filing.
A total of 130 million shoppers visited Emaar’s retail centers in 2017, marking a 4 percent increase on visitor turnout from the year before. Dubai Mall, the company’s flagship development, welcomed 80 million visitors in 2017 for the fourth consecutive year.
“The sustained growth of Emaar Malls highlights the robust performance of our nation’s retail sector, a key contributor to the gross domestic product,” said Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, in a statement.
Emaar Malls’ revenue reached 3.63 billion dirhams in 2017, a 12 percent increase on the previous year.
Emaar Malls said it was pushing forward with its expansion plans, confirming that work on the new Dubai Hills Mall has started and the development is scheduled to open in late 2019. The shopping center is expected to have more than 750 retail outlets.
The company said work has begun on the expansion of Dubai Mall’s Mohammed bin Rashid Boulevard. It is also developing a new retail center in the Springs Village. Both developments are due to open this year.
Emaar Malls has expanded online as well, completing the acquisition of the web-based fashion retailer Namshi last year.
Visitors lift Emaar Malls profit
Visitors lift Emaar Malls profit
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
