Emaar Malls H1 net profit hits Dh1.13b
WELCOME: Emaar's The Dubai Mall, the world's most visited retail destination, welcomed 41 million visitors in first half, up 2 per cent year-on-year. - File photo
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded on Wednesday three per cent rise in net profit during the first six months of 2019 to Dh1.13 billion.
Revenue for first half surged six per cent to Dh2.227 billion year on year from Dh2.103 billion while revenue for second quarter recorded an increase of eight per cent to Dh1.152 billion compared to the same 2018 period.
The company said in a statement that it distributed a cash dividend of Dh1.301 billion, equivalent to 10 per cent of share capital, for the fourth consecutive year, during the second quarter of the year.
"The assets of Emaar Malls - The Dubai Mall, Dubai Marina Mall, 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. This is two per cent more than the visitor arrivals during H1 2018, when the assets together welcomed 67 million visitors," it said.
The Dubai Mall, the world's most visited retail and lifestyle destination, welcomed 41 million visitors in first half, up two per cent year on year. Occupancy levels across all assets stood at a robust 92 per cent during the first half of 2019.
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 Dh496.9 million.
Mohamed Alabbar, Chairman of Emaar Properties and Board Member of Emaar Malls, said the mall operator has consistently focused on delivering enhanced customer experiences, which drive sustained growth. "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," said Alabbar.
Emaar Malls is further strengthening its retail infrastructure with new extensions of The Dubai Mall - Zabeel and Fountain Views - scheduled to open this year. These extensions link the mall to the Financial Centre Road and to the Sheikh Mohammed bin Rashid Al Boulevard, respectively, and will add 4,500 parking spaces, enhancing the connectivity and convenience of visitors.