Overall net profit for the year amounted to $622m, a marginal increase on the $607m posted in 2018
Emaar Malls, the shopping malls and retail business, majority owned by the Dubai-based developer, Emaar Properties, has announced a 5% growth in revenue for 2019, reaching $1.27 billion, increasing from 2019’s figures of $1.21 billion.
In a statement announcing the 2019 FY results, Emaar Malls said the overall net profit for the year amounted to $622 million, similar to the net profit of $607 million for 2018. Revenues grew by 4% to $343 million during the last quarter of 2019 (October to December), when compared to the same period in 2018, it added.
With regards to the 2019 highlights, Emaar Malls said that Namshi – the regional e-commerce fashion and lifestyle platform – was fully acquired by the company last year. The online retailer reported sales in Q4 2019 of $92 million, thus registering an increase of 40% compared to the last quarter of 2018.
Over the course of 2019, the e-commerce subsidiary recorded sales of $280 million, a 21% increase compared to the previous year. Namshi’s consistent success is attributed to its popular ‘Black November’ campaign, and its considerable growth in the Saudi market, Emaar Malls added.
It also pointed out that occupancy levels within its assets – The Dubai Mall, Dubai Marina Mall, Gold and Diamond Park, Souk Al Bahar and the Community Retail Centres – were consistent at 92%.
On the solid performance, Chairman Mohamed Alabbar said: “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily. This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life.”
“Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019,” stated Alabbar.
“We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020,” he added.
Alabbar added that in line with the Emaar growth strategy, the developer is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The two-million-sq-ft retail establishment will feature nearly 550 retail and entertainment destinations including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces.
Emaar Malls is also redeveloping Meadows Village to increase its GLA by approximately 95,000 sq. ft, and is scheduled for completion in 2020, further enhancing its Community Retail Centres, said Alabbar.
“Emaar Malls has partnered with Time Out Group and is set to open first Time Out Market in the region at Souk Al Bahar, an Arabic-style retail, entertainment and dining destination right at the heart of Downtown Dubai,” he stated.
“The unique waterfront location just by The Dubai Fountain and adjacent to The Dubai Mall and Burj Khalifa is one of the region’s prime destinations, attracting millions of visitors each year,” he added.
At Time Out Market Dubai, visitors will get to explore and enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs with three lounges and cultural experiences.
“The carefully curated lifestyle experience is set to define a new niche for the city and complements the current culinary offering. Emaar Malls is committed to bringing innovative entertainment attractions by working with global partners such as Time Out,” noted Alabbar.
With the opening expected in Q4 2020, Time Out Market will occupy 30,000 sq ft, accommodating around 670 seats, he added.