Emaar Malls, the retail business majority-owned by Emaar Properties that operate Dubai Mall, posted an 11 per cent increase in third quarter net profit, beating an analyst's forecast, as the company benefited from the acquisition of online retailer Namshi.
Net profit in the three months ending September 30 reached Dh485 million compared with Dh435 a year earlier, the company said in a statement to the Dubai Financial Market.
The results beat a Dh441m forecast by an analyst polled by Bloomberg. Third quarter net revenue rose 13 per cent to Dh876m compared with Dh774m.
Emaar Malls completed in August its acquisition of a 51 per cent stake in fashion retailer Namshi for $151m, wrapping up its hunt to land a significant e-commerce asset after it tried to buy Souq.com earlier this year, whch was aquired by ecommerce giant Amazon. Namshi’s sales rose 39 per cent to Dh196m in the third quarter from a year-earlier period, the company said.
“In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls is investing in digital platforms to offer more and varied choices for people across multiple channels,” said Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties.
The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres welcomed more than 95 million visitors in the first nine months of the year, an increase of 5 per cent over the same period in 2016.
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Read more:
Emaar Malls takes 51 per cent stake in online fashion retailer Namshi
Emaar Malls Q2 net profit beats estimates despite flat revenues
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Dubai Mall, the company’s flagship property, received a record 58 million visitors in the first nine months of this year.
Occupancy across Emaar Mall’s properties, which have a gross leasable area of 6 million square feet, averaged 95 per cent during the first nine months of this year.
Emaar Properties, the UAE’s largest listed developer, opened last week the subscription of its initial public offering of a 20 per cent stake in its real estate development business, Emaar Development.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY%20PROFILE
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
