Dubai: Emaar Malls recorded an increase in net profit by 169 per cent to Dh318 million ($ 87 million) during the first quarter of 2021, compared to the net profit of Dh118 million ($ 32 million), during the last-quarter of 2020.
Revenue for the first three months of 2021 amounted to Dh901 million.
Emaar Mall’s ecommerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dh258 million ($ 70 million) for Q1 2021. Namshi’s strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries along with its launch in Qatar in early 2021. Additionally, 117 new brands were launched in Q1 2021, leaving consumers spoilt for choice.
With the worldwide economy and retail industry being impacted by the effects of the Covid-19 pandemic, Emaar Malls recorded healthy profit margins for Q1 2021, and is witnessing continual recovery across its business units.
