Emaar Malls, the Dubai-based retail business 85 per cent owned by Emaar Properties, posted first-quarter net profit on Sunday that fell short of analysts' estimates.
It was up slightly in the three months to March at Dh548 million, compared with Dh539m a year earlier, Emaar Malls said in a filing to the Dubai Financial Market, where its shares are traded.The mean of two analysts estimates for net profit was Dh581.5 m.
Revenue surged to Dh1.04 billion, compared with Dh836m a year ago, an increase of 24 per cent, mainly due to the consolidation of revenue from online fashion retailer Namshi that it acquired in August, Emaar said.
Footfall at Emaar Malls assets – which include Dubai Mall, Souk Al Bahar, the Gold and Diamond Park, Dubai Marina Mall and various community shopping centres – reached 35 million visitors during the first quarter, up 3 per cent on the same period last year.
Shares for the company closed up 1.2 per cent at Dh5.64.
Emaar Malls approved a cash dividend of Dh1.3bn, equivalent to 10 per cent of share capital, for the third consecutive year at its annual general meeting in April.
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Namshi recorded sales of Dh176m in the first quarter, an increase of 23 per cent compared to the same period last year.
In 2017, Emaar bought a 51 per cent stake in Namshi for $151m, wrapping up its hunt to land a significant e-commerce asset after it tried to buy Souq.com last year, which was acquired by e-commerce giant Amazon.
Emaar Malls in February reported a 27 per cent increase in fourth quarter net profit, to Dh574m from Dh452m in the year-earlier period. Revenue rose 35 per cent to Dh1.12bn from a year earlier.
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Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
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Brief scores:
Toss: Sindhis, elected to field first
Kerala Knights 103-7 (10 ov)
Parnell 59 not out; Tambe 5-15
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Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
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Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5
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A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
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4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
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6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
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UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
COMPANY PROFILE
Name: Telr
Based: Dubai, UAE
Launch year: 2014
Number of employees: 65
Sector: FinTech and payments
Funding: nearly $30 million so far
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