Dubai’s Emaar Malls reports profits of Dhs622m in H1 2021, up 80%

Dubai’s Emaar Malls reports profits of Dhs622m in H1 2021, up 80%

Dubai’s Emaar Malls said that its net profit increased by 80 per cent to Dhs622m from January to June 2021, compared to a net profit of Dhs345m it posted over the same duration last year. Revenue for H1 2021 amounted to Dhs2.048bn, up 23 per cent compared to H1 2020 revenue of Dhs1.660bn. Revenue for Q2 2021 increased by 27 per cent to Dhs1.147bn, compared to the Q1 2021 revenue of Dhs901m. Emaar added that the e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dhs427m for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of Dhs685m in the first half of 2021. Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres – was recorded at 91 per cent through Q2 2021. It said that retail sales for tenants have recovered in Q2 2021, with overall sales recording growth of 8 per cent in Q2 2021 compared to Q1 2021 across the group, and growth of 77 per cent compared to the first half of 2020. Tenant Sales are also up by 15 per cent