Dubai’s Emaar Malls’ first quarter net income rises on higher Namshi sales

Dubai’s Emaar Malls’ first quarter net income rises on higher Namshi sales

Emaar Malls, a unit of Dubai’s biggest listed developer, Emaar Properties, reported a 169 per cent increase in first quarter net income compared with the last quarter of 2020 amid a continued improvement across its business units as Dubai’s economy recovers from the pandemic-driven slowdown.

Net profit for the three months to the end of March rose to Dh318 million ($87m), from Dh118m recorded for the fourth quarter of last year, the company said in a statement to the Dubai Financial Market, where its shares trade. It did not disclose comparative numbers for the first quarter of 2020.