Dubai’s Emaar Malls Q3 net profit rises 17%

Emaar Malls made a net profit of Dhs 376m in the three months to Sept. 30



Dubai’s Emaar Malls, a unit of Emaar Properties, reported a 17 per cent rise in third-quarter net profit on Wednesday.

Emaar Malls made a net profit of Dhs 376m ($102.4m) in the three months to Sept. 30, the company said in a statement. That compares with a profit of Dhs 321m in the same period a year earlier.

Quarterly revenue was Dhs 728m, 12 per cent higher than the same period a year ago.

EFG Hermes forecast the company to make a quarterly net profit of Dhs 387.7 m.

Parent firm Emaar Properties owns about 85 percent of Emaar Malls, having floated the remainder last year. At the time, the Dhs 5.8bn share sale was the Gulf’s largest since 2008.