Emaar Malls, the retail business 85 per cent owned by Emaar Properties, posted a 27 per cent increase in fourth quarter net profit, beating analyst’s expectations, as it welcomed more visitors to its malls.
Net profit in the three months ending December jumped to Dh574 million from Dh452m in the year-earlier period, the company said in a statement on Monday. Revenue rose 35 per cent to Dh1.12bn from a year earlier. The results were higher than the mean forecast of Dh490m, according to a Bloomberg poll of two analysts.
“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, Emaar Malls board member and chairman of Emaar Properties. “Through our focus on digital innovation and malls expansion, our assets will continue to catalyse the economy.”
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Emaar Malls third quarter net profit up 11%, beats estimates
Emaar Malls takes 51 per cent stake in online fashion retailer Namshi
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Emaar Malls is expanding physically and digitally in order to get more customers into its malls and online offerings. Last year it bought a 51 per cent stake in online fashion retailer Namshi for $151m, wrapping up its hunt to land a significant e-commerce asset after it tried to buy Souq.com last year, which was acquired by e-commerce behemoth Amazon.
The company's full year net profit rose 11 per cent to Dh2.08bn from 2016, while revenue increased 12 per cent to Dh3.62bn in the period. Dubai Mall, Emaar Malls flagship property, welcomed 80 million visitors for the fourth year in a row in 2017. Overall, visitors to Emaar Malls outlets rose 4 per cent last year to 130 million from 2016.
Gross leasable area occupancy reached 94 per cent across Emaar Malls’ assets in 2017.
On Sunday, Emaar Properties, the biggest publicly traded real estate company in the UAE, said its net profit for 2017 was $1.55 billion, without providing further details.
Emaar Malls also owns and manages Souk Al Bahar, Dubai Marina Mall and Gold & Diamond Park.
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law