Emaar Malls, a unit of Dubai’s biggest listed developer, Emaar Properties reported a net profit of Dh704 million ($192m) for 2020 on revenue of Dh3.5 billion.
The company did not provide comparative figures for the previous year, but 2019 figures filed on the Dubai Financial Market showed a net profit of Dh2.29bn on revenue of Dh4.67bn.
“Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation,” Mohamed Alabbar, founder of Emaar Properties and Emaar Malls, said.
“Our … achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and succeed long after the pandemic passes.”
Namshi, the regional e-commerce platform that was fully acquired by Emaar Malls in 2019, recorded sales of Dh1.31bn, up 28 per cent on the same period in 2019. The company attributed this to its continued growth in Saudi Arabia and addition of news brands on the platform.
Occupancy levels across Emaar Malls’ assets, including The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres, remained resilient at 91 per cent.
Emaar Malls provided more than Dh1bn in support to tenants as part of its flexible rental relief policy in the early stages of the global pandemic. It has subsequently extended the facility until at least March 31 2021, the company said.
“We continue to see guests returning to our malls in greater numbers, and we expect this positive trend to continue in the year ahead," Mr Alabbar said.
The retail sector was affected in the first half of last year when movement restrictions were introduced to contain the spread of the pandemic. However, business activity is returning to normal, with Dubai's non-oil private sector economy posting growth last month, a survey by IHS Markit said this week.