Emaar Malls, the shopping malls business subsidiary of Dubai developer Emaar Properties, has recorded a 80 per cent increase in its net profit for the first six months of 2021 which rose to AED622 million ($169 million) from last year's figures of AED345 million ($94 million). 

 

Announcing its results for the January to June period, Emaar Malls said its revenue for H1 surged to AED2.048 billion ($558 million), up 23 per cent compared to last year's revenue of AED1.66 billion ($452 million).

 

Revenue for Q2 too increased by 27 per cent to AED1.147 billion ($312 million), compared to the Q1 2021 revenue of AED901 million ($245 million).

 

Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED427 million ($116 million) for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of AED685 million ($186 million) in the first half of 2021. 

 

Namshi’s strong performance is credited to its persistent growth in the GCC countries, including Saudi Arabia, Kuwait and Qatar. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi has delivered impressive revenues for the first half of 2021.

 

In the second quarter, Emaar Malls said it continued to see a steady recovery from the pandemic’s impact on the global retail market. It delivered healthier than projected profits as the company continues to experience recovery across the business.

 

"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.

 

"With Dubai’s unique agility to embrace change, we are constantly looking to go beyond the demands of the next generation of shoppers," the spokesperson added -TradeArabia News Service