Namshi revenue grows 35 pc to AED933 mn
DUBAI/NOVEMBER 10-2020: Emaar Malls, the developer of premium shopping malls and retail assets including The Dubai Mall, majority owned by Emaar Properties, reported net profit of AED586 million for the nine months ending September 30, 2020 despite the challenges posed by COVID 19.
The company has reported revenue of AED2.493 billion for the first nine months of 2020. These numbers are reported despite the challenges posed by COVID 19.
With the footfall gradually normalising and the upcoming holiday season, the outlook for the remainder of the year remains positive.
Commenting on the results of the nine months of 2020, Mohamed Alabbar (seen in the picture), founder of Emaar Properties and Emaar Malls said that Emaar Malls continues to show incredible strength and resilience during the pandemic, despite the challenging year for everyone in the retail industry.
He said the results reflect Emaar Malls’ ability to thrive during these testing times. Emaar Malls worked with retailers to make sure the shopping experience is safe and enjoyable which includes abiding by the measures set out by the Dubai Government.
The result is that the visitors are returning to the malls in higher numbers. Emaar Malls has also extended its Rent Relief Policy for all its tenants until the end of the year.
“We remain optimistic about the immediate future of the retail industry in Dubai during the remainder of 2020 and look forward to seeing tourists and visitors slowly return to the high numbers that we are accustomed to. In the long-term, we are confident that 2021 will see us grow our business once again,” Alabbar said.
Emaar Malls continued its growth through omnichannel retailing with a significant contribution to its revenue achieved through Namshi, which was fully acquired by Emaar Malls in 2019.
The regional e-commerce fashion and lifestyle platform recorded nine-month revenue at AED933 million, 35 per cent higher year-on-year. “Its success in the first nine months of 2020 was attributed to the higher rate of online shopping coupled with exponential growth in the Saudi market,” the company statement said.
Occupancy levels across Emaar Malls’ assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – remained stable.
The robust 91 per cent occupancy in the face of the crisis created by the pandemic demonstrates Emaar Malls’ commitment to its partners as well as to maintaining the highest standards of health and safety.
Rent Relief Policy
As part of its continued and unwavering support for its tenants, Emaar Malls also implemented a transparent and flexible Rent Relief Policy during the lockdown and in the subsequent periods, to support its tenants.