Cairo – Mubasher: Emaar Misr for Development achieved consolidated net profits of EGP 215.82 million during the first quarter of 2020, down by 48% year-on-year (YoY) from EGP 418.62 million.

The company’s revenues plunged to EGP 239.5 million in the January-March period, compared to EGP 566.62 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

As for standalone business, Emaar Misr logged net profits of EGP 215.8 million in Q1-20, down from EGP 418.62 million in Q1-19.

It is worth noting that in 2019, the company’s net profits dipped to EGP 1.7 billion last year from EGP 3.4 billion in 2018, including minority shareholders’ rights.