Cairo – Mubasher: The consolidated net profits of Emaar Misr for Development hiked to EGP 1.58 billion in the first quarter (Q1) of 2022, compared to EGP 529.12 million in the year-ago period.

The company's revenues reached EGP 2.57 billion in Q1-22, up from EGP 1.54 billion in the same period of 2021, according to a bourse filing on Sunday.

As for the standalone businesses, the company's net profits amounted to EGP 1.58 billion in the first three months (3M) of 2022, higher than EGP 529.12 million in the corresponding period of the earlier year.

It is noteworthy to mention that in 2021, Emaar Misr for Development recorded a 117.8% year-on-year (YoY) surge in the consolidated net profits to EGP 4.11 billion from EGP 1.89 billion, including minority shareholders' rights.