Emaar Malls records 6 pct growth in revenue to $606 mln in first half 2019

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Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by 3 per cent during the first six months of 2019 to $308 million (AED 1.130 billion), compared to the net profit of $300 million (AED 1.102 billion) during the same period in 2018.

Revenue for H1 2019 is $606 million (AED 2.227 billion), on an increase of 6 per cent over the H1 2018 revenue of $573 million (AED 2.103 billion).

Revenue for Q2 2019 recorded an increase of 8 per cent to $314 million (AED 1.152 billion), compared to the Q2 2018 revenue of $290 million (AED 1.065 billion), and 7 per cent over the Q1 2019 revenue of $293 million (AED 1.075 billion).

Creating sustained value for its shareholders, Emaar Malls distributed a cash dividend of $354 million (AED1.301 billion), equivalent to 10 per cent of share capital, for the fourth consecutive year, during the second quarter of the year.

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 Centers – together recorded an impressive visitor footfall of 68 million during the first six months of this year.

This is 2 per cent more than the visitor arrivals during H1 2018, when the assets together welcomed 67 million visitors.

The Dubai Mall, the world’s most visited retail and lifestyle destination, welcomed 41 million visitors in H1 2019, 2 per cent higher than the same period last year. Occupancy levels across all assets stood at a robust 92 per cent during the first half of 2019.

Namshi full acquisition

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 $135 million (AED496.9 million).

Namshi reported sales of $115 million (AED422 million) during H1 2019, 10 per cent higher than the online sales of $105 million (AED384 million) reported in H1 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. Our strategy is to deliver exceptional omnichannel retail choices for our visitors. The positive performance reflects the customer-oriented asset mix that makes our malls preferred lifestyle destinations for all, as well as the growth in tourist arrivals to Dubai, today, a global tourism and business hub.”