Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a five percent increase in revenue to AED4.673 billion (US$1.272 billion), compared to AED4.446 billion ($1.210 billion) in 2018.
The company revealed in a press statement that overall net profit in 2019 amounted to AED2.286 billion ($622 million), similar to net profit for 2018 of AED2.230 billion ($607 million).
Revenue grew by four percent to AED1.261 billion ($343 million) during the last quarter of 2019 (October to December) when compared to same period in 2018.
Namshi, the regional e-commerce fashion and lifestyle platform was fully acquired in 2019 by Emaar Malls. The online retailer reported sales in Q4 2019 of AED339 million ($92 million), an increase of 40 percent compared to the last quarter of 2018. During 2019, the wholly owned subsidiary of Emaar Malls recorded sales of AED1.028 billion ($280 million) increasing 21 percent compared to the previous year. According to the statement, “Namshi’s success is attributed to its popular ‘Black November’ campaign and considerable growth in the Saudi market.”
Occupancy levels within Emaar Malls assets – Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – was consistent at 92 percent. In 2019, there were approximately 136 million visitors collectively with Dubai Mall maintaining its exceptional performance welcoming 84 million visitors in 2019.
Commenting on the 2019 performance, Mohamed Alabbar, Chairman of Emaar and Board Member of Emaar Malls, said, “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily. This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019.”
“We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020,” he concluded.