Emaar Malls recorded an 80 per cent increase in net profit to AED622 million ($169 million) during the first six months (January to June) of 2021, compared to a net profit of AED345 million ($94 million), during the same period in 2020. 

 

Revenue for H1 2021 amounted to AED2.048 billion ($558 million), an increase of 23 per cent compared to the H1 2020 revenue of AED1.660 billion ($452 million), a Wam news agency report said.

 

Revenue for Q2 2021 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 of 2021, Emaar Malls has continued to see a steady recovery from the pandemic’s impact on the global retail market. Emaar Malls has 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. With Dubai’s unique agility to embrace change, we are constantly looking to go beyond the demands of the next generation of shoppers," an Emaar spokesperson said.