عربي English Türkçe اردو فارسى
Logo
Latest News
Business

$622 Million Net Profit for Emaar Malls in 2019

Photo courtesy of Emirates News Agency (WAM)
Photo courtesy of Emirates News Agency (WAM)
TT
TT

$622 Million Net Profit for Emaar Malls in 2019

Photo courtesy of Emirates News Agency (WAM)
Photo courtesy of Emirates News Agency (WAM)

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a five percent increase in revenue to AED4.673 billion (US$1.272 billion), compared to AED4.446 billion ($1.210 billion) in 2018.

The company revealed in a press statement that overall net profit in 2019 amounted to AED2.286 billion ($622 million), similar to net profit for 2018 of AED2.230 billion ($607 million).

Revenue grew by four percent to AED1.261 billion ($343 million) during the last quarter of 2019 (October to December) when compared to the same period in 2018, said the statement published by Emirates News Agency (WAM).

Namshi, the regional e-commerce fashion and lifestyle platform was fully acquired in 2019 by Emaar Malls.

Commenting on the 2019 performance, Mohamed Alabbar, Chairman of Emaar and Board Member of Emaar Malls, said, "2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily.

"This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019."

"We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020," he concluded.

Most Viewed

 
 
Business

Saudi Non-Oil Exports Rise 7.5% in August

Riyadh, Saudi Arabia (SPA)
Riyadh, Saudi Arabia (SPA)
TT
TT

Saudi Non-Oil Exports Rise 7.5% in August

Riyadh, Saudi Arabia (SPA)
Riyadh, Saudi Arabia (SPA)

With Saudi Arabia experiencing significant growth in investments and improvements in logistics infrastructure, non-oil exports rose by 7.5% year-on-year in August, reaching SAR 27.5 billion ($7.3 billion) compared to SAR 25.6 billion ($6.8 billion) in the same period last year.
According to international trade data from the Kingdom’s General Authority for Statistics (GASTAT), total exports in August declined by 9.8%, amounting to SAR 92.8 billion ($24.7 billion), down from SAR 102.9 billion in August of the previous year. This decline was mainly due to a 15.5% drop in oil exports, which fell by SAR 12 billion ($3.2 billion).
Oil Exports
In August, oil exports totaled SAR 65.3 billion ($17.3 billion), a decrease from SAR 77.3 billion in the same period last year. This drop reflects continued production cuts by the OPEC+ alliance. Consequently, oil exports as a share of total exports fell from 75.1% at the end of August last year to 70.3% in August 2024.
Imports and Trade Balance
Imports decreased by 3.9% to SAR 64.8 billion ($17.2 billion), down from SAR 67.4 billion in August 2023. The Saudi trade balance surplus shrank by 21% year-on-year in August 2024 but improved compared to July, rising to SAR 27.99 billion, an increase of over SAR 10 billion from the prior month.
Key Factors
Economic analyst Rowan bin Rabeean linked the rise in Saudi non-oil exports to several factors, primarily improvements in logistics infrastructure and increased investment in non-oil sectors like manufacturing and technology.
Total foreign direct investment (FDI) inflows last year reached approximately SAR 96 billion, surpassing the National Investment Strategy target of SAR 83 billion by 16%, as reported by the Ministry of Investment and the General Authority for Statistics. FDI inflows also represented 2.4% of GDP in 2023, meeting the National Investment Strategy target.
Bin Rabeean explained that the trade surplus declined due to the drop in oil exports amid rising global oil prices, as well as an increase in imports, which had a negative impact. She expects non-oil exports to continue growing in the coming periods, driven by the goals of Vision 2030 to diversify Saudi Arabia’s economy and boost non-oil exports.