Dubai’s Emaar Malls records nine month net profit of Dhs1.07bn, up 82% y-on-y

Dubai’s Emaar Malls reported a net profit of Dhs1.07bn from January to September 2021. That figure is up 82 per cent over the same period last year when it reported a net profit of Dhs586m for the first nine months of 2020.

Meanwhile, it also recorded revenue of Dhs3.191bn for the first nine months of 2021, an increase of 28 per cent over the Dhs2.49bn in reported in the corresponding period last year.

Emaar Malls reported a third-quarter (July to September) 2021 net profit of Dhs448m, against Dhs1.143bn in revenue for Q3 2021.

Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dhs320m in Q3 2021.

Occupancy levels across its properties including The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres was reported at 91 per cent during the quarter.

Its upcoming projects Emaar’s Dubai Hills Mall which is scheduled to open in Q1 2022. It will feature up to 600 outlets, including retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million sq ft, together with four major family entertainment and leisure centres, as well as a cineplex, hypermarket, multiple anchor retail stores, an indoor roller coaster and dedicated parking for over 7,000 vehicles.

This month, a unique indoor sporting facility called Zabeel Sports District on the rooftop of The Dubai Mall Zabeel.

Also opening over the next year is the region’s first Chinatown, which is expected to open at The Dubai Mall in the second half of 2022.

In September, Dubai listed Emaar Properties and Emaar Malls announced that the Securities & Commodities Authority (SCA) has issued its final approval pertaining to the proposed merger of the two companies. The merger is expected to complete before the end of this year.

Read: Merger of Emaar Properties and Emaar Malls receives final nod