Fruitful H1 for Emaar Malls

Emaar Malls

During the first six months of 2019, Emaar Malls recorded a three per cent jump in net profit to $308 million, compared to $300 million during the corresponding period last year.

Revenue for H1 of 2019 stood at $606 million, signifying a six per cent jump on last year’s $573 million.

Meanwhile, revenue for Q2 of 2019 was eight per cent higher than last year, hitting $314 million. It was also seven per cent over the Q1 of 2019 revenue of $293 million.

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To its shareholders’ delight, Emaar Malls distributed a cash dividend of $354 million, equivalent to 10 per cent of share capital, for the fourth consecutive year, during Q2.

During H1 of 2019, The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres collectively recorded 68 million visitors – a two per cent jump on last year.

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

This year, Emaar Malls fully acquired Namshi, a regional fashion e-commerce retailer, in an all-cash transaction of $135 million. During H1, Namshi reported sales of $115 million, 10 per cent higher than the online sales of $105 million reported in H1 last year.

Chairman, Emaar Properties, Mohamed Alabbar, who is also a board member of Emaar Malls, enthused on the successful first half of the year: “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.”

Looking ahead, Emaar Malls will be adding extensions to The Dubai Mall this year, which will link the mall to the Financial Centre Road and to the Sheikh Mohammed bin Rashid Al Boulevard. The extensions will add 4,500 parking spaces.

Adding to this, Dubai Hills Mall will launch in 2020 in Dubai Hills Estate. This new facility will house 550 retail and entertainment destinations, including four major family entertainment and leisure centres, a cineplex, a hypermarket, seven anchor retail experience stores and over 7,000 parking spaces.

Finally, Emaar Malls is redeveloping Meadows Village to increase its gross leasable area by approximately 8,826m2. This is expected to be completed in 2020.