Emaar chairman Mohamed Alabbar (Reuters)
Egypt’s listed property developer Emaar Misr doubled its net profit in 2015 compared with the previous year to register EGP 854.7 million, according to a statement from the company on the bourse website on Tuesday.
Emaar contributed to the rise in profits by delivering of 819 units across its developments. The company’s revenues also saw 24.3 percent increase last year against 20145 to record EGP 3.2 billion.
Net sales were up 21.2 percent during the past year to generate EGP 8.6 billion against EGP 7.1 billion in the year prior, the company said.
“Revenues, profit, and net sales are all up on a year-on-year basis, demonstrating what a world-class development Emaar Misr is in Egypt,” Mohamed Al-Abbar, Chairman of Emaar Properties was quoted as saying in the statement.
“Our liquidity remains strong at EGP 2.1 billion and we look forward to a further solid, sustained growth in the future.”
Emaar Misr, a unit of Dubai's Emaar Properties, sold about 13 percent of its shares and raised EGP 2.28 billion in an initial public offering in June 2015.
(Official exchange rate is currently $1= EGP 8.78)