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Emaar Malls registers 69% lower profits in 2020

Emaar Malls registers 69% lower profits in 2020
The company generated revenues of AED 3.508bn in 2020
Emaar Malls
EMAARMALLS
-0.96% 2.07 -0.02
Emaar
EMAAR
-1.19% 4.15 -0.05

Dubai – Mubasher: The net profits of Emaar Malls, majority-owned by Emaar Properties, slid by 69% to AED 704 million in 2020, compared to AED 2.286 billion in 2019.

The company generated revenues of AED 3.508 billion in 2020, down 25% from AED 4.673 billion during the earlier year, according to a press release on Wednesday.

The company achieved AED 1.37 billion in earnings before interest, tax, depreciation, and amortisation (EBITDA) in 2020, 53% lower than AED 2.914 billion in 2019.

The Founder of Emaar Properties and Emaar Malls, Mohamed Alabbar, commented: "Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation."

It is noteworthy to mention that during the first nine months of 2020, the net profits of Emaar Malls recorded AED 586 million, down 66% from AED 1.7 billion in the year-ago period.