(Photo courtesy of Emaar Misr )
Emaar Misr scored net sales worth EGP 3.91bn in the first half of 2015, the company said in an official statement to the Egyptian Stock Exchange (EGX) Monday.
Meanwhile in the same period last year, recorded net sales for the Egyptian arm of the leading UAE real estate developer, Emaar, were worth EGP 3.26bn, causing this year’s sales to grow by 20%.
Emaar attributed the registered rise to the increase in sales at two of its projects, namely: Mivida in new Cairo, with sales increasing by 45%; and at Marassi on the North Coast, where sales went up by 40%.
The property developer registered a 462% increase in profits in the first quarter (Q1) of 2015.
Net profits recorded EGP 172.7m in Q1, compared to EGP 30.7m in net profits in the corresponding quarter in 2014.
On 6 July, the second day after its EGX listing, Emaar Egypt’s shares traded at EGP 3.71 per share, lower than the price of their initial public offering (IPO).
The company’s shares dropped by 7.87% during the first hours of trading on the second EGX session to reach EGP 3.63, compared to the end of the first day of trading’s session at EGP 3.94.
The shares declined amid active trading, exceeding 77m shares, at a total value of more than EGP 303.9m, and through more than 6,927 transactions.
Emaar Misr is the Egyptian arm of UAE real estate developer Emaar, which was behind Burj Khalifa. It identifies itself as being “the largest foreign direct investor in Egypt’s real estate sector with an investment portfolio of EGP 53bn”. Its constructed and ongoing projects in Egypt are Uptown Cairo, Cairo Gate, Marassi and Mivida.
