Emaar Malls on Tuesday recorded an increase in net profit by 80 percent to AED622 million ($169 million) during the first six months of 2021 compared to the same period in 2020.
Revenue for H1 amounted to more than AED2 billion, an increase of 23 percent while revenue for Q2 increased by 27 percent to AED1.1 billion.
Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, also recorded sales of AED427 million in Q2, 65 percent higher than Q1, and recorded online sales of AED685 million in the first half of 2021, a statement said.
Namshi’s strong performance is credited to its persistent growth in the GCC countries, including Saudi Arabia, Kuwait and Qatar.
An Emaar spokesperson said: “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.
“With Dubai’s unique agility to embrace change, we are constantly looking to go beyond the demands of the next generation of shoppers.”
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 at 91 percent.
Retail sales for tenants recovered in Q2, with overall sales recording growth of 8 percent in Q2 compared to Q1.
Emaar said the strong recovery in tenant sales was driven by an increase in average spend per visitor by 59 percent during H1 compared to the same period of 2020, and an increase of 62 percent compared to H1 2019.
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