Cairo – Mubasher: Emaar Misr for Development earned EGP254.49 million ($28.73 million) in the first quarter of 2016, higher 47.35% year-over-year from EGP172.70 million ($19.49 million).

In 2015, the company achieved a net profit of EGP854.7 million compared with EGP417.9 million in 2014.

Earlier, the board of directors recommended withholding FY cash dividend payout.

The stock quote fell 0.79% to EGP2.50 on Wednesday.