Emaar Malls' half-year net profit jumps 80% to 622 million dirhams
Emaar Malls witnessed a remarkable recovery from the effects of the “Covid-19” pandemic.
From the source
"Emaar Malls" recorded an increase in its net profit by 80%, to reach 622 million dirhams (169 million dollars), for the first six months (from January to June) of 2021, compared to its net profits during the same period in 2020, which It amounted to 345 million dirhams (94 million dollars).
The company’s revenues during the first half of this year amounted to 2.048 billion dirhams ($558 million), an increase of 23%, compared to revenues in the first half of last year, which amounted to 1.660 billion dirhams ($452 million).
The company's revenues increased, during the second quarter of 2021, by 27%, to reach 1.147 billion dirhams (312 million dollars), compared to the revenues of the first quarter of 2021, which amounted to 901 million dirhams (245 million dollars).
Namshi, the online fashion retail platform that is wholly owned by Emaar Malls, achieved sales of AED 427 million ($116 million) during the second quarter of 2021, an increase of 65% compared to the results of the first quarter. From 2021, its online sales amounted to 685 million dirhams (186 million dollars) during the first half of 2021. Namshi's strong performance is attributed to its strong and continuous growth and expansion in the Gulf Cooperation Council countries, including Saudi Arabia and Kuwait. and Qatar. Due to the inclusion of more than 240 new brands at the beginning of this year, and the increasing demand during Ramadan and the holidays, Namshi was able to record significant revenues during the first half of 2021.
During the second quarter of 2021, Emaar Malls witnessed a remarkable recovery from the effects of the “Covid-19” pandemic and its repercussions on the global retail market, in addition to achieving exceptional profits that exceeded expectations, due to its continued recovery across its various assets and business sectors.
An official spokesperson for Emaar said: “We continue to focus our efforts on diversifying and enhancing the retail offerings in our shopping centers, and driving the growth and development of our projects, to ensure our financial profits.
With renewed and growing customer expectations, and the growth of new target markets, it is imperative for (Emaar Malls) to re-imagine and redefine the retail sector, providing innovative and unprecedented shopping experiences.
Dubai is one of the fastest growing and changing cities in the world, and we are working to keep pace with the rapid growth of the requirements of the next generation of customers.”
• The company's revenues amounted to 2,048 billion dirhams, during the first half of 2021, with a growth of 23%.
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