Cairo – Mubasher: Emaar Misr for Development on Monday reported a 29% year-on-year rise in its third-quarter profits due to a growth in revenues.

Net profit amounted to EGP 479.4 million in the three-month period ended September 2017, versus EGP 372.1 million in the prior-year period, the firm said in a filing to the Egyptian Exchange (EGX).

Revenues grew 17% to EGP 840.7 million in Q3-17 from EGP 719.04 million in Q3-16.

In the first nine months of 2017, net profit surged 36.8% to EGP 1.45 billion from EGP 1.06 billion in the year-ago period.

The real estate company posted profits of EGP 539.03 million in the three-month period ended June 2017, versus EGP 436.78 million in Q2-16.

Emaar Misr’s revenues in Q2-17 dropped to EGP 1.08 billion, compared to EGP 1.18 billion in Q2-16.