DUBAI: The acquisition Dubai-based online fashion retailer Namshi underpinned Emaar Malls’ financial performance in the third quarter, the shopping mall operator and retailer said on Wednesday.
Net profit for the three months to September was 11 percent higher to Dh485 million from Dh435 million a year earlier, Emaar Malls said in a statement to the Dubai stock exchange. Revenue meanwhile rose 13 percent to Dh876 million from Dh774 million previously.
Emaar Malls completed the acquisition of Namshi on August 16, fortifying its bid for a digital-oriented growth aside from strengthening its main assets The Dubai Mall, Dubai Marina Mall, Souk Al-Bahar and Gold and Diamond Park where average occupancy rates were at 95 percent.
“Emaar Malls achieved its growth through innovative initiatives that are aimed at enhancing the visitor and customer experience,” Mohamed Alabbar, the Chairman of Emaar Malls and Emaar Properties, said in the statement.
“In addition to introducing advanced technologies that add value to customers and retailers, Emaar Malls in investing in digital platforms to offer more and varied choices for people across multiple channels.”
Following its acquisition, Namshi’s third-quarter sales rose 39 percent to Dh196 million compared with the similar period last year.
For the nine-month period, Emaar Malls said that total revenue was up 5 percent to Dh2.5 billion from Dh2.3 billion previously while profit was 6 percent higher to Dh1.506 billion from Dh1.422 billion during the same period a year ago.
Emaar Malls welcomed more than 95 million visitors in its malls during the nine-month stretch, 5 percent higher than last year, with Dubai Mall having the highest footfall of 58 million during the said period.
Emaar Malls third-quarter profit gets boost from Namshi acquisition
Emaar Malls third-quarter profit gets boost from Namshi acquisition
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
