Emaar Malls recorded an increase in net profit by 80 per cent to AED 622 million (US$ 169 million) during the first six months (January to June) of 2021, compared to a net profit of AED 345 million (US$ 94 million), during the same period in 2020. Revenue for H1 2021 amounted to AED 2.048 billion (US$ 558 million), an increase of 23 per cent compared to the H1 2020 revenue of AED 1.660 billion (US$ 452 million).
Revenue for Q2 2021 increased by 27 per cent to AED 1.147 billion (US$ 312 million), compared to the Q1 2021 revenue of AED 901 million (US$ 245 million).
Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 427 million (US$ 116 million) for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of AED 685 million (US$ 186 million) in the first half of 2021. Namshi’s strong performance is credited to its persistent growth in the GCC countries, including Saudi Arabia, Kuwait and Qatar. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi has delivered impressive revenues for the first half of 2021.
In the second quarter of 2021, Emaar Malls has continued to see a steady recovery from the pandemic’s impact on the global retail market. Emaar Malls has delivered healthier than projected profits as the company continues to experience recovery across the business.
Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres – remained resilient throughout Q2 2021 at 91 per cent.
Retail sales for tenants have significantly recovered in Q2 2021, with overall sales recording growth of 8 per cent in Q2 2021 compared to Q1 2021 across the group, and growth of 77 per cent compared to the first half of 2020. 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.
Each retail destination has welcomed a remarkable number of UAE residents, as well as tourists, as visitors now feel more confident about returning to malls for shopping, dining and leisure experiences. Dining outlets across the malls experienced a significant pick-up in sales over the Ramadan and Eid periods.
Scheduled to open in Q1 2022, Emaar’s Dubai Hills Mall will feature up to 600 outlets, including an array of retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million sq. ft., together with four major family entertainment and leisure centres, as well as a cineplex, hypermarket, multiple anchor retail experience stores, indoor roller coaster and dedicated parking for over 7,000 vehicles.
