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Dubai / Emirates Business
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by 3 percent during the first six months (January to June) of 2019 to AED1.130 billion ($308 million), compared to the net profit of AED1.102 billion ($300 million) during the same period in 2018. Revenue for H1 2019 is AED2.227 billion ($606 million), an increase of 6 percent over the H1 2018 revenue of AED2.103 billion ($573 million).
Revenue for Q2 2019 recorded an increase of 8 percent to AED1.152 billion ($314 million), compared to the Q2 2018 revenue of AED1.065 billion ($290 million), and 7 percent over the Q1 2019 revenue of AED1.075 billion ($293 million).
Creating sustained value for its shareholders, Emaar Malls distributed a cash dividend of AED1.301 billion ($354 million), equivalent to 10 percent of share capital, for the fourth consecutive year, during the second quarter of the year.
The assets of Emaar Malls — The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres — together recorded an impressive visitor footfall of 68 million during the first six months of this year. This is 2 percent more than the visitor arrivals during H1 2018, when the assets together welcomed 67 million visitors. The Dubai Mall, the world’s most visited retail and lifestyle destination, welcomed 41 million visitors in H1 2019, 2 percent higher than the same period last year. Occupancy levels across all assets stood at a
robust 92 percent during the first half of 2019.
Another highlight of the year was Emaar Malls marking the full acquisition of Namshi, the leading regional fashion e-commerce retailer in an all-cash transaction of AED496.9 million ($135 million).