Emaar Malls Group PJSC, the Dubai shopping center owner that started trading publicly last year, said first-quarter profit rose 32 percent as rents increased.
Net income climbed to 433 million dirhams ($118 million) from 329 million dirhams a year earlier, the company said in a statement on Wednesday. Analysts expected earnings of 341 million dirhams, the average of three estimates in a Bloomberg survey.
Emaar Properties PJSC sold 15.4 percent of its malls unit in September in an initial public offering that was Dubai’s largest in seven years. Among the company’s assets is the Dubai Mall, the world’s largest by area, which had 31 million visitors in the first quarter, a 7 percent increase from a year ago.
Revenue surged 21 percent to 735 million dirhams in the period, while base rent renewal rates climbed 26 percent across the company’s retail assets, according to the statement. A 1 million square-foot (93,000 square-meter) addition to the Dubai Mall will boost the leasable area by 15 percent. The expansion to be completed in 2016 will help bring an additional 150 international brands.
Emaar Malls has a gross leasable area of about 6 million square feet, including Dubai Marina Mall, Souk Al Bahar and community shopping centers.