Emaar Malls' H1'19 profits grow as Dubai Mall extensions near launch
Zabeel and Fountain Views extensions will open in the months to come as Dubai Hills Mall nears 2020 opening
Dubai Financial Market-listed Emaar Malls, the shopping malls and retail business majority-owned by Dubai's Mohamed Alabbar-chaired Emaar Properties, noted a 3% hike in net profit to $308m (AED1.13bn) in H1 2019 from $300m (AED1.1bn) in H1 2018, with revenues growing 6% from H1 2018's $573m (AED2.1bn) to $606m (AED2.2bn) in H1 2019.
Q2 2019 revenues grew by 8% to reach $314m (AED1.1bn) from $290m (AED1.bn) in Q2 2018, with the Q2 2019 figure also 7% higher than Q1 2019 revenues of $293m (AED1.07bn).
Key highlights for Emaar Malls during the year was its full acquisition of e-commerce fashion retailer Namshi through an all-cash transaction of $135m (AED496.9m).
Emaar Malls' assets, which includes Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar, and its Community Retail Centres, recorded a 2% hike in annual footfall over H1 2018, reaching 68 million in the first-half of 2019.
Dubai Mall’s Zabeel and Fountain Views extensions, which link the mall to Financial Centre Road and to the Sheikh Mohammed bin Rashid Boulevard respectively, will open in the coming months and add 4,500 parking spaces to Dubai Mall.
Emaar will also open Dubai Hills Mall within Dubai Hills Estate in 2020, which will offer a gross leasable area (GLA) of 18.6ha with four major family entertainment and leisure centres.
Redevelopment work is also under way at Emaar Malls' Meadows Village Community Retail Centre to increase its GLA by 8,825m2, with completion scheduled in late-2019.
Commenting on the financials in his capacity as board member of Emaar Malls, Alabbar said in a statement: "Emaar Malls has consistently focused on delivering enhanced customer experiences, which drive our sustained growth, both through our malls and Namshi, our fully owned online business.
"The positive performance reflects the customer-oriented asset mix that makes our malls the preferred lifestyle destinations for all, and contributes to the growth in tourist arrivals to Dubai, today, a global tourism and business hub."