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Emaar Misr annual profits surge 97%

Emaar Misr annual profits surge 97%
Revenues increased 23.81% in FY16 (Photo credit: Company's website)
Emaar Misr
EMFD
-0.30% 6.61 -0.02

Cairo – Mubasher: Emaar Misr for Development’s profits for fiscal year 2016 rose 97% to EGP 1.68 billion, compared to EGP 854.67 million for FY15.

Revenues increased 23.81% in FY16 to EGP 4 billion from EGP 3.23 billion for FY15, according to a bourse filing released on Tuesday.

Foreign exchange losses amounted to EGP 83.64 million, accounting for 2.1% of the total revenue.

Total sales reached EGP 8.4 billion in 2016, compared to EGP 8.6 billion in 2015.

The company delivered 935 residential units in 2016, versus 820 units in 2015.

The company’s stock was last traded at EGP 2.63.