Emaar Malls records Dh318m Q1 profit
Emaar Malls recorded a net profit of Dh318 million during the first quarter 2021 as compared to the net profit of Dh118 million recorded during the last-quarter of 2020.
Revenue for the first three months of 2021 amounted to Dh901 million. Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dh258 million for Q1 2021.
Namshi’s strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries along with its launch in Qatar in early 2021. Additionally, 117 new brands were launched in Q1 2021.
Mohamed Alabbar, founder of Emaar Properties and board member of Emaar Malls, said: “We continue to focus our efforts on project delivery for our newest expansions and developments ensuring we consistently enhance our financial profitability. As we persist in driving growth for Emaar Malls, both locally and internationally, we are committed to delivering transformational retail and entertainment experiences that exceeds expectations of constantly evolving customer demands. Dubai is one of the fastest growing city in the world and we are embracing the speed and demands of the emerging generation of customers.”
Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained resilient throughout Q1 2021 at 91 per cent.
Thus far, the business has been provided more than Dh1.2 billion in rental relief to combat the effects of the global pandemic on its retailers.
Tenant sales have continued to significantly recover with overall sales recording 14 per cent growth in Q1 2021.
Scheduled to open in the second half of 2021, Emaar is set to unveil Dubai Hills Mall, featuring about 600 outlets including an array of retail stores, restaurants and cafés. The mall boasts a gross leasable area of two million square feet.
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