Emaar Malls net profit rises 7% in first quarter

dubai — Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by seven per cent to Dh584 million during the first quarter of 2019, compared to the net profit of Dh548 million, during the firstquarter of 2018.

Revenue for the first three months of 2019 reported a growth of 4 per cent to Dh1.075 billion ($ 293 million), compared to Q1 2018 revenue of Dh1.038 billion. The growth of Emaar Malls was underlined by the strong performance of its shopping mall assets including The Dubai Mall, Dubai Marina Mall, and the Community Retail Centres.

At its fourth annual general meeting, Emaar Malls approved a cash dividend of Dh1.301 billion ($354 million), equivalent to 10 per cent of share capital, for the fourth consecutive year, highlighting the company’s commitment to sustained value creation for its shareholders.

Emaar Malls fully acquired Namshi, the leading regional fashion e-commerce retailer. This follows the group acquiring the remaining stake of Global Fashion Group (GFG) in Namshi, in an all

cash transaction of Dh475.5 million. Namshi reported sales of Dh167 million during Q1 2019.

Mohamed Alabbar, chairman of Emaar Properties and board member of Emaar Malls, said: “This year, our strategy is to draw on our superior asset mix and continuously enhance our offering through well-planned extensions of The Dubai Mall and other retail destinations. Strengthening our omnichannel retail presence, highlighted by the acquisition of Namshi, is another growth driver that enables us to meet the aspirations of the new generation of tech-savvy customers.”