Emaar Misr Development revenues fell 14% in 2019

Doaa A.Moneim , Tuesday 3 Mar 2020

Emaar Misr for Development (EMFD) revenues saw a fall by 14 percent Y-o-Y, recording EGP 5.4 7billion in 2019.

According to the company's auditor financial statement, revenues declines due to lower deliveries across the company’s projects.

The statement also showed that EMFD attained a net income amounted to EGP 1.74 billion, dropped by 49 percent Y-o-Y to EGP1.74bn because of an EGP 878 million donation made in April 2019, which took its toll on EMFD’s interest income margins.

Net sales for 2019, according the statement, reached EGP 13.9 billion, increased by 21 percent Y-o-Y, while net cash position currently stands at EGP 12.3 billion.

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