(Photo courtesy of Emaar Misr)
The Egyptian arm of UAE real estate developer Emaar Misr has registered a 462% increase in profits in the first quarter (Q1) of 2015, the company announced on Sunday.
Net profits recorded EGP 172.7m in Q1 compared to EGP 30.7m in net profits in the corresponding quarter in 2014, Emaar Misr said in a statement to the Egyptian Stock Exchange (EGX).
Emaar Properties announced in February that it registered $912m in profits in 2014, a 30% increase compared to the $699m profits recorded the year before. The company said that around 54% of its total revenues came from shopping malls, retail and hospitality businesses.
“Net operating profit for Q4 2014 is AED 861m ($234m), 14% higher than the previous quarter at AED 758m ($206m),” the real estate company said.
In early April, the company announced it was considering making amendments in the company’s leadership. It added that it may change the chairman position currently incumbent by Mohamed Alabbar, adding that a meeting on 20 April will discuss the move.
In February 2015, the EGX announced that Emaar Misr formally requested listing its shares on the stock market. The initial public offering was approved to the company, whose capital amounts to EGP 878.34m, to be distributed on 87.834m shares, with each share to be worth EGP 10.
Emaar Misr CEO Mohamed El-Dahan told Daily News Egypt in March that over the past two years, the company has made significant progress in developing its master-plan communities.
“Egypt is one of the first countries in the MENA region where we established a fully-owned subsidiary to develop integrated lifestyle communities,” El-Dahan said.
He added that Emaar Misr is deemed one of the largest foreign direct investors in the country, and one of the key contributors to the international revenues of Emaar Properties.
“Even during the challenging time that Egypt faced, we did not stop building our projects,” he noted.
