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Bond Market News
Emaar Malls Posts 3x Growth in Profit QoQ
May 10, 2021
Emaar Malls reported net profits of AED 318mn ($87mn) for 1Q2021, up 169% vs. 4Q2020. Emaar’s e-commerce fashion and lifestyle platform Namshi saw revenues of AED 258mn ($70mn) helped by growth in Saudi Arabia, Kuwait and other GCC countries. Occupancy levels across Emaar’s assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres remained resilient throughout the quarter at 91%. Tenant sales recovered with overall sales showing 14% growth in the quarter. Mohamed Alabbar, founder of Emaar Properties said: “We continue to focus our efforts on project delivery for our newest expansions and developments ensuring we consistently enhance our financial profitability.”
Emaar Malls’ 4.564% 2024s were flat at 107.53, yielding 2.05%.
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