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Emaar Misr posts 6-fold profit jump in H1-20

Emaar Misr posts 6-fold profit jump in H1-20
The company’s revenues retreated to EGP 1.01 billion
Emaar Misr
EMFD
-2.47% 2.39 -0.06

Cairo – Mubasher: Emaar Misr for Development reported a 516.7% surge in its net profits to EGP 581.53 million during the first half (H1) of 2020, compared to EGP 94.29 million in the year-ago period.

On the other hand, the company’s revenues retreated to EGP 1.01 billion in H1-20 from EGP 1.45 billion in H1-19, according to a bourse disclosure on Sunday.

Meanwhile, the general and administrative expenses sank to EGP 229.6 million in the January-June period from EGP 1.11 billion in the corresponding period a year earlier.

It is worth mentioning that during the first quarter (Q1) of 2020, Emaar Misr for Development posted net profits of EGP 215.82 million, down from EGP 418.62 million in the prior-year period.