Emaar Misr’s consolidated profit leaps to $121mln in Q1-24

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Cairo – Emaar Misr for Development registered a consolidated net profit after tax of EGP 5.73 billion in the first quarter (Q1) of 2024, a surge from EGP 2.22 billion in the similar period a year earlier.

Revenues declined to EGP 1.57 billion in Q1-24 from EGP 1.86 billion in Q1-23, according to interim financial statements.

The basic and diluted earnings per share (EPS) hit EGP 1.25 in the three-month period that ended on 31 March 2024, up from EGP 0.47 in the corresponding period of 2023.

Standalone Results

Emaar Misr for Development reported a standalone net profit of EGP 5.61 billion in the January-March period, up from EGP 2.22 billion in the comparative period of last year.

Standalone revenues plummeted to EGP 1.57 billion in Q1-24 from EGP 1.86 billion in Q1-23.

It is worth noting that Emaar Misr for Development posted a consolidated net profit of EGP 6.81 billion in 2023, up from EGP 6.56 billion the year before.