Emaar Malls’ H1 profits jump 80% as consumer spending grows

Dubai - Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold and Diamond Park, Souk Al Bahar, and the Community Retail Centres – remained resilient throughout the second quarter of 2021 at 91 per cent



Emaar Mall revenues amounted to Dh2.048 billion, an increase of 23 per cent when compared to the H1 2020 revenue of Dh1.660 billion. -- Supplied photo
Emaar Mall revenues amounted to Dh2.048 billion, an increase of 23 per cent when compared to the H1 2020 revenue of Dh1.660 billion. -- Supplied photo

By Waheed Abbass

Published: Tue 10 Aug 2021, 5:43 PM

Emaar Malls, a subsidiary of Emaar Properties, on Tuesday said its first-half net profit grew by 80 per cent year-on-year to Dh622 million, thanks to a steady recovery from the Covid-19 pandemic’s impact on the retail market with both tenants and dining outlets experiencing a significant pick-up in sales.

Its revenues amounted to Dh2.048 billion, an increase of 23 per cent when compared to the H1 2020 revenue of Dh1.660 billion.

“Our efforts continue to focus on diversifying and growing the malls’ retail offerings while driving new developments forward to ensure ongoing financial profitability. With customers’ expectations consistently evolving, along with the growth of new target markets, it is critical that Emaar Malls continues to reimagine the retail sector and deliver innovative, unmatched experiences,” the company said in a statement.

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold and Diamond Park, Souk Al Bahar, and the Community Retail Centres – remained resilient throughout the second quarter of 2021 at 91 per cent.

The mall owner and operator’s second-quarter revenues increased 27 per cent to Dh1.147 billion as compared to the Q1 2021 revenue of Dh901 million.

Its e-commerce fashion and lifestyle platform Namshi recorded sales of Dh427 million for Q2 2021, 65 per cent higher than Q1 2021. Its first-half online sales totalled Dh685 million due to exceptional demand during the holy month of Ramadan and Eid.

Retail sales for tenants have significantly recovered in Q2 2021, with overall sales recording growth of eight per cent in Q2 2021 compared to Q1 2021 across the group. Tenant Sales are also up by 15 per cent in Q2 2021 compared to Q2 2019. The strong recovery in tenant sales was driven by an increase in average spend per visitor by 59 per cent during H1 2021 compared to the same period of 2020, and an increase of 62 per cent compared to H1 2019. Dining outlets across the malls experienced a significant pick-up in sales during the holy month of Ramadan and Eid.

-- waheedabbas@khaleejtimes.com


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