Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the Dubai-based real estate firm Emaar Properties, reported a 64.2% year-on-year profit retreat during the first nine months of 2019, according to the company’s consolidated financial statements.

Net profits plunged to EGP 628.99 million during the nine-month period ended 30 September, compared to EGP 1.76 billion in the year-ago period, including minority shareholders’ rights, the real estate developer said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, the company’s revenues declined to EGP 2.34 billion in the January-September period, compared to EGP 2.82 billion in the corresponding period a year earlier.

At the level of standalone business, Emaar Misr for Development logged a net profit of EGP 628.9 million in the nine-month period ended 30 September, down from EGP 1.75 billion in the prior-year period.

It is noteworthy that during the first half of 2019, the EGX-listed firm’s net profits dipped to EGP 94.29 million, compared to EGP 1.10 billion in H1-18.