By Bernd Debusmann Jr
In the third quarter, net profit rose 12 percent from $146 million in Q3 2018 to $164 million this year
Emaar Malls profits rose to $472 million (AED 1.732bn) in the first nine months of 2019, a 6 percent increase from the same time period in 2018, the company said in a statement on Sunday.
According to the statement, revenue also rose 6 percent during the January to September period to $929 million (AED 3,14bn), compared to $880 million (AED 2.23bn) during the same period in 2018.
In the third quarter, net profit rose 12 percent from $146 million (AED 537m) in Q3 2018 to $164 million (AED 602m), while revenue went up 5 percent from $307 million (AED 1.12bn) last year to $323 million (AED 1.18bn).
Namshi, a wholly owned subsidiary of Emaar Malls, recorded sales of $188 million (AED 689m) in the first nine months of 2019, 14 percent more than the same time period last year. On a quarter-for-quarter basis, Namshi’s sales went to $73 million (AED 267m) from Q3 2018’s figure of $61 million (AED 223m), a 20 percent increase.
“Emaar Malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve growth, both through our malls and Namshi,” said Emaar Properties chairman and Emaar Malls board member Mohamed Alabbar.
Alabbar added that “as retail disruption endures, we continue to attract retailers that leverage technology to provide an immersive retail experience, meet their customers’ expectations, provide customers with post-purchase services and loyalty-building interactions making our malls as the preferred lifestyle of choice.”
Collectively, Emaar Malls’ assets welcomed 99 million visitors between January and September, with Dubai Mall alone welcoming 61 million visitors.
Occupancy levels remains at 92 percent at the end of the third quarter, the statement added.