Emaar Malls posts Dh704m net profit for 2020
Emaar Malls on Wednesday announced that it had recorded revenues of Dh3.508 billion in 2020, with overall net profit during the year amounting to Dh704 million.
Namshi, the regional e-commerce fashion and lifestyle platform, a wholly owned subsidiary of the company, recorded sales of Dh1.316 billion, increased by 28 per cent compared to the previous year. Namshi’s strong performance is attributed to its continual growth in Saudi Arabia, increase of 283 brands on the platform and providing customers with the latest trends.
At its Annual General Meeting (AGM) on Tuesday, Emaar Malls’ board of directors reflected on the company’s achievements despite the challenging market conditions affected by the Covid-19 pandemic on the global economy and the retail industry. They highlighted Emaar Malls’ efforts to support the Dubai Government’s fight against Covid-19 with the implementation of Vaccination Hub at The Dubai Mall. They also highlighted Emaar Malls’ support to their retail tenants’ financial wellbeing and efforts to protect SME’s by providing more than Dh1 billion in rental relief during 2020. The support was further extended until March 31, 2021.
During the AGM, the Directors Report on the primary activities, business overview and financial results, Auditors’ Report and Consolidated Financial Statements of the company for the year 2020 were approved.
Mohamed Alabbar, founder and MD of Emaar Properties, said: “Without the phenomenal contribution of our shareholders and employees in the previous year, Emaar would not be in its robust position that it is today. In one of the most challenging times in decades, together, we have shown incredible adaptability enabling Emaar Malls to continuously deliver the ultimate shopping and entertainment experience for residents and tourists alike.”
“We expect the positive trend to continue in the year ahead as we witness guests returning to our malls and entertainment attractions with optimism. Digital transformation is at the root of our business and we endeavour to intelligently connect and communicate with our customers and shareholders, to support business growth,” Alabbar added.
The AGM went on to underline the company’s rigorous measures it took to maintain stability of the business throughout 2020, despite the global pandemic that affected businesses across the world. New digital initiatives were rapidly developed and implemented to ensure optimal efficiency for the malls’ operational requirements. Customers were also able to continue to enjoy the very best shopping experience throughout 2020, while maintaining the safety of its guests.
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