Dubai – Mubasher: The net profits of Emaar Malls, owned by Emaar Properties, increased to AED 2.286 billion ($622 million) in 2019 from AED 2.230 billion ($607 million) in 2018, according to Emaar Malls’ preliminary financial results for 2019.
The revenues rose by 5% to AED 4.673 billion ($1.272 billion) in 2019 from AED 4.446 billion ($1.210 billion) in the prior year.
During the fourth quarter of 2019, Emaar Malls saw a 4% increase in revenues to AED 1.261 billion ($343 million), compared to the same period in 2018.
The occupancy rates of Emaar Malls’ assets, The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, as well as the Community Retail Centres, stood at 92%, with around 136 million visitors in 2019.
At the same time, the sales of Namshi, the regional e-commerce fashion and lifestyle platform that is a wholly owned subsidiary of Emaar Malls, reached AED 1.028 billion ($280 million), up 21% last year when compared to 2018.
The chairman of Emaar and board member of Emaar Malls, Mohamed Alabbar, said: “This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019.”
Emaar’s upcoming assets comprise 2 million square feet Dubai Hills Mall in Dubai Hills Estate, set to be opened in the fourth quarter of 2020, and the first Time Out Market in the region at Souk Al Bahar.
It is noteworthy to mention that during the third quarter of 2019, Emaar Malls achieved an increase of 12% in net profits to AED 602 million from AED 537 million in the same period last year.
