Cairo – Mubasher: Emaar Misr for Development has used 100% of the capital raise proceeds amounting to EGP 2.28 billion from July 2015 to 5 August.

The company has used EGP 156.03 million of the proceeds in Emaar Square project, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In August 2018, Emaar Misr for Development used 71.5% or EGP 1.63 billion of the total EGP 2.28 billion capital increase proceeds.

In July 2015, the real estate developer’s authorised capital was raised to EGP 10 billion from EGP 4.5 billion and the company’s issued capital was increases to EGP 4.62 billion from EGP 4.02 billion.

During the first half of 2019, Emaar Misr for Development logged a profit of EGP 94.29 million, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights.

Year-on-year, sales declined to EGP 1.45 billion in the six-month period ended 30 June from EGP 1.75 billion.

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

As for the second quarter of 2019, the company incurred losses of EGP 324.3 million, versus a profit of 598.49 million in Q2-18, according to the company’s consolidated financial results.