Dubai's Emaar Malls posts 86% jump in Q3 net profit

E-commerce subsidiary Namshi's sales hit $87 million

  
People wearing protective face masks shop at Dubai mall after the UAE government eased a curfew and allowed stores to open, following the outbreak of the coronavirus disease (COVID-19) in Dubai, United Arab Emirates May 3, 2020. Image for illustrative purposes.

People wearing protective face masks shop at Dubai mall after the UAE government eased a curfew and allowed stores to open, following the outbreak of the coronavirus disease (COVID-19) in Dubai, United Arab Emirates May 3, 2020. Image for illustrative purposes.

REUTERS/Rula Rouhana

Emaar Malls, the retail arm of Dubai's biggest developer Emaar Properties, said it made a third-quarter net profit of 448 million dirhams ($122 million), up by 86 percent from 241 million dirhams last year. 

Revenue came in at 1.14 billion dirhams for the quarter, up from 839 million dirhams in the same period last year, the company said in a statement on Monday to the Dubai Financial Market (DFM), where its shares trade.  

Emaar Mall’s e-commerce fashion and lifestyle platform Namshi, a wholly owned subsidiary, recorded sales of 320 million dirhams for the quarter, it added. 

The company added that occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained 91 percent during the quarter. 

For the nine-month period ended September 30, the retailer’s net profit was 1.07 billion dirhams. Revenue for the period was 3.19 billion dirhams. 

Last September, Emaar Malls and its parent company Emaar Properties, proposed a merger that would make the retail arm a wholly owned subsidiary of Emaar Properties, which currently owns 84.6 percent. 

Following the merger, which is expected to happen by the end of the year, Emaar Malls would no longer be listed. 

(Writing by Brinda Darasha; editing by Cleofe Maceda)  

brinda.darasha@refinitiv.com 

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