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Emaar Malls reports 16% lower profits in Q1-21

Emaar Malls reports 16% lower profits in Q1-21
The company's revenues reached AED 901 million in Q1-21
Emaar Malls
EMAARMALLS
-1.02% 1.95 -0.02

Dubai – Mubasher: The net profits of Emaar Malls dropped by 16% to AED 318 million in the first quarter (Q1) of 2021, compared to AED 378 million in the same quarter of 2020.

The company's revenues reached AED 901 million in Q1-21, down 10% from AED 999 million in Q1-20, according to a recent press release.

The earnings before interest, tax, depreciation, and amortisation (EBITDA) declined by 10% to AED 483 million in the first three months of 2021 from AED 536 million in the same period of 2020.

On a quarterly basis, the company's net profits hiked by 169% in Q1-21, compared to AED 118 million in the fourth quarter (Q4) of 2020.

Commenting on the company's performance, the Founder of Emaar Properties and Board Member of Emaar Malls, Mohamed Alabbar, said: "We continue to focus our efforts on project delivery for our newest expansions and developments ensuring we consistently enhance our financial profitability."

It is noteworthy to mention that in 2020, the company's net profits slid by 69% to AED 704 million, compared to AED 2.286 billion in 2019.