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Emaar Malls reports 66% lower profits in 9M

Emaar Malls reports 66% lower profits in 9M
The company's revenues decreased by 27%
Emaar Malls
EMAARMALLS
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Dubai – Mubasher: The net profits of Emaar Malls, majority-owned by Emaar Properties, recorded AED 586 million in the first nine months of 2020, down 66% from AED 1.7 billion in the year-ago period.

The company's revenues decreased by 27% to AED 2.5 billion in the January-September period of 2020, compared to AED 3.4 billion in the corresponding period of 2019, according to a press release on Tuesday.

The earnings before interest, tax, depreciation, and amortisation (EBITDA) retreated by 52% to AED 1.06 billion in the first nine months of 2020 from AED 2.2 billion in the same period of 2019.

The Founder of Emaar Properties and Emaar Malls, Mohamed Alabbar, said: "We remain optimistic about the immediate future of the retail industry in Dubai during the remainder of 2020."

It is noteworthy to mention that in the first half (H1) of 2020, the net profits of Emaar Malls plunged by 69% to AED 345 million from AED 1.130 billion in the corresponding half of 2019.