Emaar Malls achieved a 5% increase in revenues in 2019 to reach 4.673 billion dirhams (US $ 1.272 billion), compared to 4.446 billion dirhams (1.210 billion USD) in 2018.
According to the Emirates News Agency, the total net profit for the year 2019 reached 2.286 billion dirhams (622 million US dollars), which is close to the net profit recorded in 2018 of 2.230 billion dirhams / 607 million US dollars.
Revenues increased during the last quarter of 2019 (from October to December) by 4 percent to reach 1.261 billion dirhams (US $ 343 million) compared to the same period in 2018.
Namshi, the leading online platform specialized in the online fashion trade sector that Emaar Malls fully acquired in 2019, recorded sales of 339 million dirhams ($ 92 million) during the fourth quarter of 2019, an increase of 40 percent compared to the fourth quarter of 2018, and during In 2019, the company wholly owned by Emaar Malls achieved sales of 1.028 billion dirhams / $ 280 million / achieving an increase of 21 per cent compared to the previous year, and the continued success of Namshi is due to the black November campaign that received great attention in addition to the tremendous growth witnessed in a Saudi Arabia market.
Occupancy rates in the assets of Emaar Malls, which include the Dubai Mall, Dubai Marina Mall, the Gold and Diamond Park, the Souk Al-Bahar and malls within residential complexes, maintained their strong performance, which reached 92 percent. In 2019, these destinations received nearly 136 million visitors, where the Dubai Mall maintained its exceptional performance with reception 84 million visitors in 2019.
Mohamed Alabbar, Chairman of Emaar Malls Board Member, described in 2019 the wonderful thing about Emaar Malls, which witnessed an increase in the occupancy rate and attracting visitors as a result of the constant and continuous pursuit of innovation, especially with work to provide a renewable experience for guests, and he said: We seek to diversify our business portfolio and invest in opportunities until All our destinations remain vibrant and attract visitors. Examples include the expansion of Zabeel, which opened recently in the Dubai Mall and the complete acquisition of the Namshi platform, where these two achievements contributed to the performance we achieved during the year 2019 and we expect to witness the continuation of this success during the year 2020 where we focus Loyalty programs should aim to repeat visits of incoming guests and open new destinations to receive larger numbers, with an increase in the percentage of domestic tourism that is encouraged by hosting the Expo 2020.
In line with the growth strategy pursued by Emaar, Emaar Malls intends to open the Dubai Hills Mall during the fourth quarter of 2020 in the Dubai Hills Estate, which will provide about two million square feet as a total leasable area and will include about 550 retail and entertainment destinations, and the commercial center will host four main family entertainment centers In addition to a complex for cinemas, a hypermarket, seven major supermarkets, and more than 7,000 parking lots, at the center level ...
