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Dubai’s Emaar Malls reports $291m profit for opening nine months of 2021

Dubai’s Emaar Malls reports $291m profit for opening nine months of 2021

Revenues were up 28 percent year-on-year for the company, which operates one of the world’s biggest shopping centres in Dubai Dubai-based Emaar Malls has reported a net profit of $291 million for the first nine months of 2021. It marks an 83 percent increase in year-on-year profits for the owner of The Dubai Mall, which

Revenues were up 28 percent year-on-year for the company, which operates one of the world’s biggest shopping centres in Dubai

Dubai-based Emaar Malls has reported a net profit of $291 million for the first nine months of 2021.

It marks an 83 percent increase in year-on-year profits for the owner of The Dubai Mall, which has been the most visited shopping and entertainment mall worldwide for the last five years.

Revenue for the nine-month period was also up 28 percent from the corresponding period in 2020 to $869m as the company continues to chart a course of recovery from the economic impact of the coronavirus pandemic.

Shareholders back merger of Emaar Properties, Emaar Malls

Merger will see an increase in the share capital of Emaar Properties to $2.2bn

In terms of the third quarter of the year, Emaar Malls saw profits increase 47 percent to $82.8m compared to Q2 2021, although quarter-on-quarter revenues remained unchanged at $311.2m.

Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, a wholly-owned subsidiary, recorded sales of $87m for the third quarter.

Meanwhile, occupancy levels across Emaar Malls’ assets – which include The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the community retail centres – remained at 91 percent during the last three months.

Last month, shareholders of Emaar Properties gave the green light for a merger with Emaar Malls, which will see it delisted from Dubai Financial Market (DFM).

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