Emaar Misr reports 114% profit increase

Emaar plans to double its Egypt operations to 30% of its overall business

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany

ArabFinance: Emaar Misr for Development (EMFD) posted a consolidated net profit of EGP 529.120 million in quarter one (Q1) 2021, according to the company’s financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) rise of 114% when compared to EGP 247.561 million in Q1 2020.

Standalone net profit reached EGP 529.120 million in Q1 2021, a 114% increase from EGP 247.561 million posted in the prior-year period.

Emaar plans to double its Egypt operations to 30% of its overall business, Asharq Business cited founder of Emaar, Mohamed Alabbar.

Established in 2007, Emaar Misr is engaged in real estate development operations. It undertakes commercial and residential development projects such as residential villages and communities, business centers, malls, and shopping complexes, villas, townhouses, and apartments.

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