Emaar Malls third-quarter profit gets boost from Namshi acquisition

Dubai Mall recorded the highest footfall of 58 million during the nine-month period. (Reuters)
Updated 08 November 2017
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Emaar Malls third-quarter profit gets boost from Namshi acquisition

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.


China’s crude oil imports from Saudi Arabia up 43%

Updated 25 May 2019
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China’s crude oil imports from Saudi Arabia up 43%

  • Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
  • Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said

BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.