Emaar Malls Delivers Strong Growth and Profitability and Records 80% Growth in Profit to AED 622 Million (US$ 169 million) in First Half of 2021

 

August 11, 2021:  Emaar Malls (DFM: EMAARMALLS) recorded an increase in net profit by 80 per cent to AED 622 million (US$ 169 million) during the first six months (January to June) of 2021, compared to a net profit of AED 345 million (US$ 94 million), during the same period in 2020. Revenue for H1 2021 amounted to AED 2.048 billion (US$ 558 million), an increase of 23 per cent compared to the H1 2020 revenue of AED 1.660 billion (US$ 452 million). 

 

Revenue for Q2 2021 increased by 27 per cent to AED 1.147 billion (US$ 312 million), compared to the Q1 2021 revenue of AED 901 million (US$ 245 million).

Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 427 million (US$ 116 million) for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of AED 685 million (US$ 186 million) in the first half of 2021. Namshi’s strong performance is credited to its persistent growth in the GCC countries, including Saudi Arabia, Kuwait and Qatar. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi has delivered impressive revenues for the first half of 2021.