Emaar Malls’ 9-month net profit hits $472mln

Revenue for Q3 2019 increased by 5% to $323mln compared to Q3 2018

  
The Dubai Mall. Image for illustrative purposes.

The Dubai Mall. Image for illustrative purposes.

Emaar/ Handout via Zawya

Emaar Malls, the shopping malls and retail business of Emaar Properties, has posted a net profit of Dh1.732 billion ($472 million) for the first nine months (9M) of 2019, an increase of 6 per cent over 9M 2018.

Emaar Malls, the shopping malls and retail business of Emaar Properties, has posted a net profit of Dh1.732 billion ($472 million) for the first nine months (9M) of 2019, an increase of 6 per cent over 9M 2018 with a revenue of Dh1.639 billion.

The company recorded an increase in revenue by 6 per cent during 9M 2019 to Dh3.412 billion ($929 million), compared to the revenue of Dh3.232 billion ($880 million) during the same period in 2018.

Revenue for Q3 2019 recorded an increase of 5 per cent to Dh1.185 billion ($323 million), compared to the Q3 2018 revenue of Dh1.129 billion ($307 million) and net profit for Q3 2019 is Dh602 million ($164 million), a 12 per cent increase over the Q3 2018 net profit of Dh537 million ($146 million).

Update on Namshi

Namshi, a wholly owned subsidiary of Emaar Malls has recorded sales of Dh689 million ($188 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 2019 was Dh267 million ($73 million), a growth of 20 per cent over the sales of Dh223 million ($61 million) during Q3 2018.

Strong occupancy and footfall

The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres – together welcomed99 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.”

Upcoming Assets

Continuing its growth strategy, Emaar Malls is set to open Dubai Hills Mall in Dubai Hills Estate in 2020, which offers a GLA of about 2 million sq ft and feature about 550 retail and entertainment destinations. Dubai Hills Mall will have four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 dedicated parking spaces.

The company is also redeveloping Meadows Village to increase its GLA by approximately 95,000 sq ft, and is scheduled for completion in 2020, further enhancing its Community Retail Centres.

Further strengthening its retail infrastructure, Emaar Malls has opened The Dubai Mall Za'abeel extension adding over 3,000 parking spaces. These extensions link The Dubai Mall to the Financial Centre Road and to the Sheikh Mohammed bin Rashid Al Boulevard enhancing the connectivity and convenience for visitors. – TradeArabia News Service

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities