ArabFinance: Emaar Misr for Development (EMFD) achieved a 516.7% Year on Year (YoY) surge in net profit during the first half (H1) of 2020, according to the company’s income statement to the Egyptian Exchange.
The real estate developer recorded EGP 581.53 million worth of profit in H1 2020, compared with EGP 94.29 million in H1 2019.
Revenues stood at EGP 1.01 billion in H1 2020, down from EGP 1.45 billion in the same half a year ago.
As for the second quarter (Q2) of 2020, Emaar Misr achieved a net profit of EGP 365.71 million, against a loss of EGP 324.32 million in Q2 2019.
Revenues during Q2 2020 totaled EGP 770.56 million, down by 13.4% from EGP 890.82 million in the April-June 2019 period.
During the first three months of 2020, Emaar Misr posted a 48% YoY decrease in the consolidated net profit.
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