By Arabian Post Staff
Emaar Malls announced a 5 per cent increase in revenue to AED 4.673 billion (US$ 1.272 billion) for 2019, compared to AED 4.446 billion (US$ 1.210 billion) in 2018. Overall net profit in 2019 amounted to AED 2.286 billion (US$ 622 million), similar to AED 2.230 billion (US$ 607 million) recorded for the previous year.
Revenue grew by 4 per cent to AED 1.261 billion (US$ 343 million) during the last quarter of 2019 (October to December) when compared to same period in 2018.
The online retailer reported sales in Q4 2019 of AED 339 million (US$ 92 million), an increase of 40 per cent compared to the last quarter of 2018. During 2019, the wholly owned subsidiary of Emaar Malls recorded sales of AED 1.028 billion (US$ 280 million) increasing 21 per cent compared to the previous year. Namshi’s consistent success is attributed to its popular ‘Black November’ campaign and considerable growth in the Saudi market.
Occupancy levels within Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – was at 92 per cent. In 2019, there were approximately 136 million visitors collectively with The Dubai Mall maintaining its exceptional performance welcoming 84 million visitors in 2019.
Emaar chairman Mohamed Alabbar attributed the uptick to innovation, portfolio diversification and investments. Namshi, the regional e-commerce fashion and lifestyle platform was fully acquired in 2019 by Emaar Malls.
Emaar is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The 2 million square foot retail establishment will feature nearly 550 retail and entertainment destinations, including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces. Emaar Malls is also redeveloping Meadows Village to increase its GLA by approximately 95,000 sq. ft, and is scheduled for completion in 2020, further enhancing its Community Retail Centres.
Also published on Medium.