Emaar Malls Q2 net profit rises 5%

Emaar Malls, the retail business majority-owned by Emaar Properties, reported a net profit of AED 482 million for the second quarter of 2017, marking a year-on-year increase of 5 percent.

In the first six months of the year, Emaar Malls made a profit of AED 1.02 billion, up 3 percent YoY, the Dubai-listed firm said in a bourse statement.

Revenue for the half-year period was stable YoY at AED 1.6 billion.

The malls and shopping centers under the company saw 65 million visitors during H1 2017, a 7 percent YoY increase.

Mohamed Alabbar, chairman of Emaar Malls, said the firm will continue to focus on technology going forward.

Earlier this year, the company had acquired a 51 percent stake in online retailer Namshi.