Emaar Malls records AED 1.13bn net profit in H1-19

Dubai – Mubasher: Emaar Malls achieved a year-on-year growth of 3% in net profits during the first six months of 2019.

Net profit stood at to AED 1.130 billion ($308 million) in H1-19, compared to AED 1.102 billion ($300 million) in the corresponding period a year ago, according to a bourse filing on Wednesday.

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a revenue AED 2.227 billion ($606 million) in H1-19, an increase of 6% when compared to AED 2.103 billion ($573 million) in H1-18.

During the second quarter of 2019, the company which listed on the Dubai Financial Market (DFM) posted an 8% rise in revenues to AED 1.152 billion ($314 million), compared to AED 1.065 billion ($290 million) in the same quarter last year, while Emaar Malls registered a 7% increase when compared to AED 1.075 billion ($293 million) in the first quarter of 2019.

“Creating sustained value for its shareholders, Emaar Malls distributed a cash dividend of AED 1.301 billion ($354 million), equivalent to 10% of share capital, for the fourth consecutive year, during the second quarter of the year,” the company’s statement added.

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