Emaar Malls nine-month net profit up 6% to AED1.732bn

Dubai / Emirates Business

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in revenue by 6 per cent during the first nine months (January to September) of 2019 to AED3.412 billion, compared to the revenue of AED 3.232 billion during the same period in 2018. Net profit for the period ending September 30 is AED1.732 billion, an increase of 6 per cent over the same period in 2018 with a revenue of AED 1.639 billion.
Revenue for Q3 2019 recorded an increase of 5 per cent to AED1.185 billion, compared to the Q3 2018 revenue of AED 1.129 billion and net profit for Q3 2019 is AED602 million, a 12 per cent increase over the third quarter of 2018 net profit of AED 537 million.
Namshi, a wholly owned subsidiary of Emaar Malls has recorded sales of AED 689 million during the first nine months of 2019, an increase of 14 per cent compared to the previous year.
Reporting on quarter-on-quarter growth, Namshi’s sales for the third quarter (July to September) 2019 was AED 267 million, a growth of 20 per cent over the sales of AED 223 million during Q3 2018.
The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres – together welcomed 99 million visitors during the first nine months of this year with The Dubai Mall, the world’s most visited retail and lifestyle destination, in specific welcoming 61 million visitors. Occupancy levels across all assets remain exceptionally high at 92 per cent ending Q3 of 2019, indicating a healthy demand in the market for the retail space in the right locations.
Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said: “Emaar Malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve sustained growth – both through our Malls and Namshi, our fully owned online business. As retail disruption endures, we continue to attract retailers that leverage technology to provide an immersive retail experience, meet their customer’s expectations, provide customers with post-purchase services and loyalty-building interactions making our malls as the preferred lifestyle destination of choice.”