Dubai – Mubasher: The net profits of Emaar Malls, majority-owned by Emaar Properties, plunged by 69% to AED 345 million in the first half (H1) of 2020 from AED 1.130 billion in the corresponding half of 2019.

The company's revenues reached AED 1.66 billion in the first six months of 2020, 26% lower than AED 2.23 billion in the corresponding period of 2019.

The earnings before interest, tax, depreciation, and amortization (EBITDA) slid by 54% to AED 665 million in H1-20, compared to AED 1.43 billion in H1-19.

The occupancy rate at Emaar Malls' assets, including The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, as well as the Community Retail Centres, remained unchanged at 2019 levels at 92%, with around 136 million visitors.

The chairman of Emaar and board member of Emaar Malls, Mohamed Alabbar, said: "I firmly believe that Emaar Malls' results showed strength and resilience in the face of the challenges presented to us by the pandemic."

It is noteworthy to mention that in 2019, Emaar Malls' net profits rose to AED 2.286 billion from AED 2.230 billion in 2018.