Dubai – Mubasher: Emaar Malls achieved an increase of 12% in net profits to AED 602 million ($164 million) during the third quarter of 2019 when compared to AED 537 million ($146 million) in the same period last year.
Revenues grew by 5% to AED 1.185 billion ($323 million) in Q3-19 from AED 1.129 billion ($307 million) in Q3-18, according to a bourse disclosure on Sunday.
During the nine-month period that ended on 30 September 2019, net profit reached AED 1.732 billion ($472 million), 6% higher than 1.639 billion ($446 million) in the corresponding period last year.
Revenue for the nine-month period this year increased by 6% to AED 3.412 billion ($929 million), compared to AED 3.232 billion ($880 million) in the same period in 2018.
Emaar Malls is a retail business majority-owned by Emaar Properties.
Commenting on the profitable quarter, Mohamed Alabbar who is the chairman of Emaar Properties and board member of Emaar Malls said, “Emaar Malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve sustained growth – both through our Malls and Namshi, our fully owned online business.”
It is worth noting that during the first half of 2019, the company achieved a net profit of AED 1.130 billion ($308 million).