Emaar Malls reveals 69% drop in profits for H1 2020 - Arabianbusiness:
Dubai-based Emaar Malls, the retail unit majority-owned by Emaar Properties, has reported a net profit of $94 million for the first six months of the year – down 69 percent on the same period last year ($308m), as the company battled against the economic impacts of the global Covid-19 pandemic.
Revenue also slipped 30 percent to $451m for first half of 2020 compared to $606m in the corresponding period last year.
Emaar’s Mohamed Alabbar said: “I firmly believe that Emaar Malls’ results showed strength and resilience in the face of the challenges presented to us by the pandemic. Our continuous innovation, diversification of our portfolio and investment in digital to bring our destinations to life in new channels added further strength to our results.”
Brick-and-mortar shopping malls suffered particularly as they closed down for almost three months as part of the government’s restrictions to contain the spread of coronavirus – last month, Alabbar revealed that the company’s flagship Dubai Mall was welcoming around 100,000 visitors daily - the pre-Covid number was in the region of a-quarter-of-a-million daily visitors.
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