Emaar Malls Group (EMG) reported net profit of AED537mn in 3Q18 (+10% Y-o-Y, -3% vs EFGe), as revenue grew 29% Y-o-Y to AED1.1bn (in line with EFGe) and EBITDA 12% Y-o-Y to AED710mn (-1.5% vs EFGe). Revenue in 9M18 grew 29% Y-o-Y to AED3.2bn, net profit 9% Y-o-Y to AED1.6bn. Footfall at Dubai Mall was up 4% Y-o-Y to 60mn in 9M18, while average occupancy level across EMG’s assets stood at 93% in 9M18.
Emaar Malls Group (DU): AED1.81 as of 4 Nov. 2018, Rating: Buy, TP: AED3.00/share, MCap: USD6,418mn, EMAARMLS UH/EMAA.DU
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