Emaar Malls posts 25% fall in 2020 revenue amid “challenging business conditions”
Sales at Namshi, which was acquired by Emaar Malls in 2019, jumped 28 per cent
Dubai: Emaar Malls, the shopping malls and retail business that’s majority-owned by Emaar Properties, reported a revenue of Dh3.51 billion in 2020. Overall net profit in the same period amounted to Dh704 million.
The company had a revenue of Dh4.67 billion in 2019. Overall net profit for the year was Dh2.29 billion.
“Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation,” said Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls.
“We continue to see guests returning to our malls in greater numbers, and we expect this positive trend to continue in the year ahead, strengthened by the support we receive from our leaders in Dubai and the UAE, and their world-leading rollout of vaccines in the country,” he added.
Namshi does well
Namshi, the e-commerce fashion and lifestyle platform, recorded sales of Dh1.32 billion, up 28 per cent from a year earlier. Namshi’s strong performance was due to its “continual growth” in Saudi Arabia and the introduction of 283 new brands on the platform.
Meanwhile, occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained resilient during 2020 at 91 per cent.
Financial relief
Emaar Malls said it provided more than Dh1 billion as part of their flexible rental relief policy in the early stages of the global pandemic. The policy was extended at the start of each subsequent quarter and will continue until at least March 31, 2021.