Dubai-based Emaar Malls has registered a net profit of Dh1.07 billion ($291 million) during the first nine months of 2021, recording an 83 per cent increase in year-on-year profits.
The mega-retailer’s revenue also climbed by 28 per cent to Dh3.191 billion ($869 million) from the corresponding period in 2020.
Emaar Malls reported a third-quarter net profit of Dh448 million and Dh1.143 billion in revenue. It saw profits increase 47 per cent compared to the second quarter of 2021.
Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, recorded sales of $87 million during the last three months.
Meanwhile, occupancy levels across Emaar Malls’ assets, including Souk Al Bahar, Dubai Marina Mall, The Dubai Mall, Gold & Diamond Park, and the Community Retail Centres, remained 91 per cent during July-September.
As Emaar Malls continues to chart a course of recovery from the economic impact of the coronavirus, it has implemented additional programmes like Zabeel Sports District on the rooftop of The Dubai Mall.