Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ recommendation for Emaar Misr for Development based on fair value (FV) of EGP 6.06 per share.

Net cash of the UAE-based Emaar Properties’ Egyptian unit currently makes up 75.6% of market capitalisation, Pharos said in a research note.

last Sunday, Emaar Misr reported a 48.6% year-on-year growth in consolidated profits for fiscal year 2018.

Net profit stood at EGP 3.4 billion in the full-year ended 31 December 2018, versus EGP 2.3 billion in 2017, including minority shareholders’ rights.

Revenues rose to EGP 6.3 billion in 2018, versus EGP 4.5 million a year earlier.

At the level of standalone businesses, profits increased to EGP 3.41 billion during the 12-month period, versus EGP 2.3 billion in 2017