Cairo – Mubasher: Emaar Misr for Development, a subsidiary of UAE-based Emaar Properties, on Sunday reported a 48.6% year-on-year growth in consolidated profits for fiscal year 2018.
Net profit stood at EGP 3.4 billion in the full-year ended 31 December 2018, versus EGP 2.3 billion in 2017, including minority shareholders’ rights, the property developer said in a filing to the Egyptian Exchange (EGX).
Revenues rose to EGP 6.3 billion in 2018, versus EGP 4.5 million a year earlier, the company added.
At the level of standalone businesses, profits increased to EGP 3.41 billion during the 12-month period, versus EGP 2.3 billion in 2017.
Emaar Misr previously posted a 20.8% year-on-year increase in consolidated profits for the first nine months of 2018, registering EGP 1.75 billion, up from EGP 1.45 billion.
Revenues rose slightly to EGP 2.8 billion in the nine-month period ended September, versus EGP 2.59 million in the same period of 2017.
Meanwhile, standalone profits grew to EGP 1.759 billion at the end of September, compared to EGP 1.456 billion in the first nine months of 2017.
