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24 February 2024

Emaar Malls records 6% growth in revenue to Dh2.2bn in H1 of 2019

By Wam

From January to June 2019, Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a three percent increase in net profit of AED1.130 billion (US$308 million), compared to the net profit of AED1.102 billion ($300 million) during the same period in 2018.

The revenue for H1 of 2019 was AED2.227 billion ($606 million), an increase of six per cent over the revenue in H1 of 2018 of AED2.103 billion ($573 million).

The revenue for Q2 of 2019 recorded an increase of eight per cent to AED1.152 billion ($314 million), compared to the revenue of Q2 of 2018 of AED1.065 billion ($290 million), and seven per cent over the Q1 of 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 the share capital, for the fourth consecutive year, during the second quarter of the year.

The assets of Emaar Malls, the Dubai Mall, the Dubai Marina Mall, the 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, two per cent more than the visitor arrivals during H1 of 2018.

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). Namshi reported sales of AED422 million ($115 million) during H1 of 2019, 10 percent higher than the online sales of AED384 million ($105 million) reported in H1 of 2018.

Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said, "Emaar Malls has consistently focused on delivering enhanced customer experiences, which drive our sustained growth, both through our malls and Namshi, our fully owned online business. The positive performance reflects the customer-oriented asset mix that makes our malls the preferred lifestyle destinations for all, and contributes to the growth in tourist arrivals to Dubai, today, a global tourism and business hub."