Dubai, UAE- 28 April, 2021: Emaar Malls PJSC held its Annual General Meeting (AGM) yesterday evening, on 27 April 2021 and its Board of Directors reflected on the company's achievements despite the challenging market conditions affected by the Covid-19 pandemic on the global economy and the retail industry.
The Board of Directors highlighted Emaar Malls PJSC's efforts to support Dubai Government's fight against Covid-19 with the implementation of Vaccination Hub at The Dubai Mall. They also highlighted Emaar Malls' support to their retail tenants' financial wellbeing and efforts to protect the SME's by providing more than AED 1 billion (US$ 272 million) in rental relief during 2020. The support was further extended until 31 March 2021.
During the AGM, the Directors Report on the primary activities, business overview and financial results, Auditors' Report and Consolidated Financial Statements of the company for the year 2020 were approved.
Emaar Malls PJSC recorded revenue of AED 3.508 billion (US$ 955 million) in 2020. Overall net profit in 2020 amounted to AED 704 million (US$ 192 million). Namshi, the regional
e-commerce fashion and lifestyle platform, a wholly owned subsidiary of the company, recorded sales of AED 1.316 billion (US$ 358 million), increased by 28 per cent compared to the previous year. Namshi's strong performance is attributed to its continual growth in Saudi Arabia, increase of 283 brands on the platform and providing customers with the latest trends.
Mohamed Alabbar, Founder and Managing Director of Emaar Properties, said: “Without the phenomenal contribution of our Shareholders and employees in the previous year, Emaar would not be in its robust position that it is today. In one of the most challenging times in decades, together, we have shown incredible adaptability enabling Emaar Malls to continuously deliver the ultimate shopping and entertainment experience for residents and tourists alike.
“We expect the positive trend to continue in the year ahead as we witness guests returning to our malls and entertainment attractions with optimism. Digital transformation is at the root of our business and we endeavour to intelligently connect and communicate with our customers and shareholders, to support business growth,” Alabbar added.
The AGM went on to underline the company's rigorous measures it took to maintain stability of the business throughout 2020, despite the global pandemic that affected businesses across the world. New digital initiatives were rapidly developed and implemented to ensure optimal efficiency for the malls' operational requirements. Customers were also able to continue to enjoy the very best shopping experience throughout 2020, while maintaining the safety of its guests.