Emaar Malls profits grows 8% in H1 2018

Online sales rose 22% to $105m, which the company says is a reflection of the success of tech-retail platforms, such as Namshi
Emaar Malls profits grows 8% in H1 2018
By Bernd Debusmann Jr
Sun 29 Jul 2018 04:53 PM

Emaar Malls profits rose 8 percent in the first half of 2018 to AED 1.102 billion ($300 million), the company announced on Sunday.

The company reported profits of AED 1.021 billion ($278 million over the same time period in 2017.

According to the company’s latest results, revenue for H1 2018 was AED 2.103 ($573 million), a 29 percent increase over its H1 2017 revenue of AED 1.624 billion ($442 million).

In the second quarter of this year, Emaar Malls posted a net profit of AED 552 million ($151 million), a 15 percent increase from the AED 482 million ($131 million) reported in Q2 2017. Q2 revenue was reported at AED 1.065 billion ($290 million), 35 percent more than Q2 2017’s revenue of AED 788 million ($215 million).

Earlier in 2018, Emaar Malls distributed a cash dividend of AED 1.301 billion ($354 million), equivalent to 10 percent of share capital to its shareholders.

Company figures show that Emaar Malls assets – including Dubai Mall, Dubai Marina Mall and Souk Al Bahar – were visited by 67 million people in H1 2018, 3 percent more than in the same time period last year. Dubai Mall alone registered more than 40 million visitors during the same time period.

Online sales rose 22 percent in H1 2018, to AED 384 million ($105 million), which the company says is a reflection of the success of tech-retail platforms, such as Namshi, which was acquired in August 2017.

“In a short span of time, Emaar Malls has underlined its strength in delivering world-class retail destinations that meet the aspirations of both UAE residents and tourists,” Emaar Properties chairman and Emaar Malls board member Mohamed Alabbar said.

“We are now taking the Emaar Malls growth story to the next level with a firmer focus on omnichannel retailing and the creation of iconic new destinations that will reshape retail dynamics.”

“Designed for the next generation and leveraging future technologies, these malls will bring the timeless charm of the city squares in a high-tech environment,” he added.

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