Dubai’s Emaar Malls reports profits of Dhs622m in H1 2021, up 80%

Dubai’s Emaar Malls said that its net profit increased by 80 per cent to Dhs622m from January to June 2021, compared to a net profit of Dhs345m it posted over the same duration last year.

Revenue for H1 2021 amounted to Dhs2.048bn, up 23 per cent compared to H1 2020 revenue of Dhs1.660bn.

Revenue for Q2 2021 increased by 27 per cent to Dhs1.147bn, compared to the Q1 2021 revenue of Dhs901m.
Emaar added that the e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dhs427m for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of Dhs685m in the first half of 2021.

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres – was recorded at 91 per cent through Q2 2021.

Emaar Malls records 80% growth in profit to AED 622 million in first half of 2021. #Dubai pic.twitter.com/GZ1bVtIVaM

— Dubai Media Office (@DXBMediaOffice) August 10, 2021

It said that retail sales for tenants have recovered in Q2 2021, with overall sales recording growth of 8 per cent in Q2 2021 compared to Q1 2021 across the group, and growth of 77 per cent compared to the first half of 2020.

Tenant Sales are also up by 15 per cent in Q2 2021 compared to Q2 2019. It attributed the recovery in tenant sales to an increase in average spend per visitor by 59 per cent during H1 2021 compared to the same period of 2020, and an increase of 62 per cent compared to H1 2019.

On 1st July 2021, The Dubai Mall marked the opening of ‘Infinity Des Lumieres’, the region’s largest digital arts centre. Covering 2,700 square metres, with an impressive 130 projectors, 58 speakers and 3,000 HD digital moving images.

With regards to upcoming projects, it said that it in Q1 2022, it will open Emaar’s Dubai Hills Mall which will include up to 600 outlets, including retail stores, restaurants and cafés. The mall has a gross leasable area of 2 million sq ft, together with four family entertainment and leisure centres, as well as a cineplex, hypermarket, multiple anchor retail experience stores, indoor roller coaster and parking for over 7,000 vehicles.

“Our efforts continue to focus on diversifying and growing the malls’ retail offerings, while driving new developments forward to ensure ongoing financial profitability. With customers’ expectations consistently evolving, along with the growth of new target markets, it is critical that Emaar Malls continues to reimagine the retail sector and deliver innovative, unmatched experiences,” said an Emaar spokesperson.

In March, Emaar Properties and Emaar Malls jointly announced plans for an all share merger.

Read: Dubai-listed Emaar Properties and Emaar Malls announce merger plans