Mubasher: MubasherTrade Research (MTR) kept the price target (PT) of Emaar Misr for Development at EGP 4.04, with “Buy/Moderate Risk” rating, according to a recent report.

Emaar Misr reported a 25% year-on-year growth in net income to EGP 437 million in Q2-16. Meanwhile, revenues increased by 46% year-on-year to EGP 1.18 billion, beating consensus by 58%, due to higher handover in "Uptown Cairo" and "Marassi" projects. 

Net income growth was also backed by higher interest income to EGP 121 million in Q2-16, compared to EGP 32 million in Q2-15. 

“The company revealed that it has spent around EGP 154 million, representing 6.7% of its Initial Public Offering (IPO) proceeds, on "Emaar Square", "Mivida Downtown", "Marassi Marina" and the hospitality activities in Marassi by EGP 77 million, EGP 30 million, EGP 36 million and EGP 12 million, respectively,” according to MTR.

The report highlighted that Emaar Misr is still waiting for more clarity on the economic situation in Egypt to pump more investments.