Latest News

Emaar Malls records 80% growth as net profit hits Dhs622 million in H1

Emaar Malls recorded an increase in net profit by 80 per cent to Dhs622 million ($169 million) during the first six months (January to June) of 2021, compared to a net profit of Dhs345 million ($94 million), during the same period in 2020. Revenue for H1 2021 amounted to Dhs2.048 billion ($558 million), an increase of 23 per cent compared to the H1 2020 revenue of Dhs1.660 billion ($452 million).

Revenue for Q2 2021 increased by 27 per cent to Dhs1.147 billion ($ 312 million), compared to the Q1 2021 revenue of Dhs901 million ($245 million).

Emaar Mall’s e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of Dhs427 million ($116 million) for Q2 2021, 65 per cent higher than Q1 2021, and recorded online sales of Dhs685 million ($ 86 million) in the first half of 2021. Namshi’s strong performance is credited to its persistent growth in the GCC countries, including Saudi Arabia, Kuwait and Qatar. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi has delivered impressive revenues for the first half of 2021.

In the second quarter of 2021, Emaar Malls has continued to see a steady recovery from the pandemic’s impact on the global retail market. Emaar Malls has delivered healthier than projected profits as the company continues to experience recovery across the business.

“Our efforts continue to focus on diversifying and growing the malls’ retail offerings, while driving new developments forward to ensure ongoing financial profitability. With customers’ expectations consistently evolving, along with the growth of new target markets, it is critical that Emaar Malls continues to reimagine the retail sector and deliver innovative, unmatched experiences. With Dubai’s unique agility to embrace change, we are constantly looking to go beyond the demands of the next generation of shoppers,” an Emaar spokesperson said.

Dubai Chamber exports: Dubai Chamber member companies’ exports and re-exports to West Africa surged by 42 per cent in the first five months of 2021 to reach a record $387 million, fuelled by a recovery in trade activity, according to a recent analysis.

The analysis was released by Dubai Chamber of Commerce and Industry as it prepares to host the 6th Global Business Forum Africa in Dubai this October in cooperation with Expo 2020 Dubai. The data revealed that 3,201 Certificates of Origin for West Africa-bound shipments were issued between January and May 2021, marking a year-over-year increase of 20 per cent, a Dubai Chamber press release said on Tuesday.

Export markets targeted by member companies were more balanced and diversified when compared to previous years, which is a clear sign that Dubai-based exporters are expanding to new markets.

Nigeria was the largest West African export market for member companies, accounting for a 32 per cent share of the value of exports and re-exports to the region, followed by Ghana (17 per cent), Ivory Coast and Guinea with 12 per cent each, Senegal (8 per cent), and Mali (4 per cent).

Product categories of exports to the region were also diversified. Plastics accounted for 31 per cent of exports, followed by electrical machinery/electronics (14 per cent), machinery/mechanical appliances (13percent) and aluminium (6 per cent).

The latest estimates by the International Trade Centre (ITC), indicate that there is potential for UAE traders to double their exports and re-exports to the Western Africa markets, currently valued at $2.1 billion.

In terms of markets, Nigeria is currently the largest market for member exports, yet it still has an estimated annual gap of $544 million worth of exports that could be captured in the near term by UAE traders. Senegal comes second with an untapped export potential of $397 million, followed by Ghana with $365 million.

The commodities with the highest untapped potential for export and re-export companies in the West Africa region include polyethylene, sugar cane and rice, trigger batteries, polypropylene, textiles from yarn and milk powder, pure copper wires and other products.

WAM

Opinion

Read more opinions >