Emaar Malls records 6% growth in net profit

Updated 16 November 2017
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Emaar Malls records 6% growth in net profit

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of 1.506 billion dirhams ($410 million) during the first nine months of 2017. This is a growth of 6 percent over the net profit of 1.422 billion dirhams ($387 million) during the same period in 2016.
The total revenue for the first nine months of the year was 2.5 billion dirhams ($681 million), which is 5 percent higher than the revenue of 2.39 billion dirhams ($651 million), during the same period last year.
Emaar Malls completed the acquisition of leading Middle East online fashion retailer Namshi on Aug. 16, marking a milestone in its digital-oriented growth. Following Emaar Malls’ acquisition, Namshi recorded sales of 196 million dirhams during Q3 of 2017, an increase of 39 percent compared to the same period in 2016.
Emaar Malls reported Q3 2017 revenue of 876 million dirhams ($238 million), 13 percent higher than Q3 2016 revenue of 774 million dirhams ($211 million), contributed in part by the consolidation of Namshi revenue. Net profit was 485 million dirhams ($132 million) during Q3 2017, an 11 percent growth compared to the third-quarter of 2016. With a gross leasable area (GLA) of 6 million sq. ft in Dubai, GLA occupancy levels across Emaar Malls’ assets averaged 95 percent during the first nine months of 2017.
Underlining the sustained growth of Emaar Malls assets, The Dubai Mall, Dubai Marina Mall, Souk Al-Bahar, Gold and Diamond Park and community shopping centers together welcomed over 95 million visitors during the first nine months of the year, an increase of 5 percent over the same period last year. The Dubai Mall continued to record strong visitor footfall at 58 million during the first nine months of this year, highlighting its credentials as the world’s most visited retail and entertainment destination.
Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said: “Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience. In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels.”
He added: “We are further strengthening the retail sector in Dubai to offer future-ready shopping environments with new projects such as the dedicated high-end retail precinct in Dubai Creek Harbour. With the shifts in shopping trends, it is important to adopt innovative strategies, and we are focused on creating socially and culturally inspiring spaces for people. This will contribute to the goals of Dubai Plan 2021, announced by His Highness Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and prime minister and ruler of Dubai, to establish Dubai as the preferred place to live, work and visit.”


Land Rover, Terry Grant smash world record

Stunt driver Terry Grant flipped the Range Rover Sport SVR up on to two wheels with the use of a ramp, before hitting speeds of up 60mph on Goodwood’s famous hillclimb.
Updated 19 July 2018
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Land Rover, Terry Grant smash world record

Land Rover and international stunt driver Terry Grant smashed a world record at this week’s Goodwood Festival of Speed, with a two-wheel speed run in the new Range Rover Sport SVR. Grant’s 2:24.5 run up the famous hillclimb broke Grant’s old record for a mile traveled in a car on two wheels, set in 2011, by more than 30 seconds.
Grant flipped the Range Rover Sport SVR up on to two wheels with the use of a ramp, before hitting speeds of up 60mph on Goodwood’s famous hillclimb as he set the new Guinness World Record time.
Grant snatched the record in a dramatic last gasp attempt on Sunday afternoon, having attempted four runs earlier in the weekend, none of which Grant managed to complete.
The Range Rover Sport SVR is a 575hp performance SUV, capable of 0-60mph in 4.3 seconds and a top speed of 174mph — with four wheels on the road, at least. The Range Rover Sport only required one modification for the world record run, a tweak to its differential to allow the car to deliver more power to the two wheels on the ground — both of which were pumped up to 90PSI.
Grant is a multiple world-record holder, with 25 Guinness World Records already to his name, and with this latest record, Grant has bested a 2:55 run that he himself set at Goodwood in 2011.
Stunt driver Grant said: “It really shouldn’t be underestimated how difficult a two-wheeled speed run like this is; you are always fighting to keep the car balanced right on the edge, as it tries to tip either one way or the other. You need to be conscious of everything, from the camber of the road to the strength of the wind. Thankfully, conditions were excellent and the Range Rover Sport SVR was the perfect precision tool for the job.”
The world record was not the only amazing Land Rover moment of the Festival of Speed, as 70 historic and important Land Rovers took to the hill in what was the largest batch of cars to ever tackle the famous route in one go. From 1948 to 2018, the parade of cars celebrated 70 years of one of Britain’s most iconic automotive brands.