Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the UAE-based leading real estate firm Emaar Properties, reported a 91% year-on-year profit drop during the first half of 2019, according to the company’s consolidated financial results.

The property developer’s net profits plunged to EGP 94.29 million in the six-month period ended 30 June, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Monday.

Year-on-year, sales retreated to EGP 1.45 billion in the January-June period of 2019 from EGP 1.75 billion.

At the level of standalone business, the real estate developer logged a profit of EGP 94.29 million in H1-19, compared to EGP 1.1 billion in the prior-year period.

As for the second quarter, the company suffered losses of EGP 324.3 million, against a profit of 598.49 million in Q2-18, the company’s consolidated financial results showed. 

During Q1-19, Emaar Misr for Development reported a profit of EGP 418.6 million, down from EGP 503.2 million in Q1-18.