Emaar's retail shopping division reported a 7% in profit for Q1 2019
Emaar Malls shares surged 13.7 percent on Tuesday, helping the Dubai Financial Market General Index to a 3.5 percent rebound following Monday's slump following news of the attack on oil tankers off the UAE coast.
The retail shopping division of Emaar Properties, Emaar Mall rallied 13.7 percent over the last trading session, closing high at AED1.82.
Last month, Emaar Malls recorded a 7 percent year-on-year rise in profits to AED584 million ($159 million) for the first quarter of the year. Revenue for the first three months of 2019 grew 4 percent to AED1.075 billion. The results meant shareholders enjoyed a dividend of AED1.301 billion in April.
“Emaar Malls has consistently outperformed the market and continues to drive the growth of Dubai’s retail sector, supported by the robust fundamentals of the economy,” Mohammad Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said in a press statement last month.
The surge by Emaar Malls helped the Dubai markets close up 3.5 percent to 2,613 points, recovering after stock markets in the UAE and Saudi Arabia suffered their biggest single-day declines in years on Monday after two Saudi oil tankers were attacked off the Emirati coast.
Other Dubai stocks to benefit from the rebound include Emaar Development, rising 8 percent.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.