Emaar Malls FY20 profit falls 70 pc to AED704 mn

BBN Report

‘Occupancy levels at Emaar Mall’s assets remained resilient’ 

DUBAI/February 10-2020: Emaar Malls, the shopping malls and retail business that’s majority-owned by Emaar Properties reported 70 per cent decline in net profit for 2020 (FY20) to AED704million against AED2.28 billion the company recorded for the previous year.

The revenue for the same period at AED3.51 billion ($955 million) was down by a quarter compared with AED4.67 billion the company earned a year earlier.

Commenting on the results of the full-year results Mohamed Alabbar (seen in the picture), founder of Emaar Properties and Emaar Malls, said, Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation.

“Our wonderful achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and successful long after the pandemic passes,” Alabbar added.

He said the guests are returning to the malls in greater numbers and this positive trend is expected to continue in the year ahead.

Namishi

Namishi, the regional e-commerce fashion and lifestyle platform recorded sales of AED1.32 billion during 2020 increasing 28 per cent compared with the previous year.

Namishi’s strong performance is attributed to its continual growth in Saudi Arabia, increase of 283 brands on the platform and providing customer with latest trends.

Resilient occupancy

Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained resilient during 2020 at 91 per cent.

Rental relief

To support the financial wellbeing of Emaar’s retail tenants and to protect its SMEs, Emaar Malls provided more than AED1billion as part of their flexible rental relief policy in the early stages of the global pandemic.

“To ensure continuous support throughout 2020, this policy was extended at the start of each subsequent quarter and will continue until at least March 31, 2021,” the company statement added.

 

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