Emaar Malls reports Dh586m net profit

Web Report/Dubai
Filed on November 10, 2020
File photo

Outlook for the remainder of the year remains positive as footfall gradually normalises in the properties.

Emaar Malls, majority-owned by Emaar Properties, on Tuesday reported net profits of Dh586 million for the period ending 30 September 2020 as compared to Dh1.73 billion for the same period last year, despite the challenges posed by the Covid-19 pandemic.

It reported revenue of Dh2.493 billion for the first nine months of 2020 (January to September).

With the footfall gradually normalising and the upcoming holiday season, the outlook for the remainder of the year remains positive.

“Emaar Malls continues to show incredible strength and resilience during the pandemic, despite the challenging year for everyone in the retail industry... We have worked with retailers to make sure the shopping experience is safe and enjoyable, which includes abiding by the measures set out by the Dubai Government. The result is that we see visitors returning to the malls in higher numbers,” said Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls.

Emaar Malls has also extended its Rent Relief Policy for all of its tenants until the end of the year.

“We remain optimistic about the immediate future of the retail industry in Dubai during the remainder of 2020 and look forward to seeing tourists and visitors slowly return to the high numbers we're accustomed to. In the long-term, we are confident that 2021 will see us grow our business once again,” he added.

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained stable at 91 per cent.

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