Emaar Misr for Development, Emaar Misr, yesterday announced its financial results for the half year ending 30 June 2015, registering a net profit of EGP 522 million.
According to the Egyptian Accounting Standards, EAS, H1 2015 revenues and net profit after tax were EGP 1.56 billion and EGP 522 million respectively, as compared with H1 2014 revenues and net profit after tax which amounted to EGP 1.0 billion and EGP 136 million respectively. This reflects a 283 percent increase in net profits and 56 percent in revenues.
Committed net sales increased by 20 percent to EGP 3.9 billion (H1 2014: EGP 3.3 bn) in the first half of 2015. The Company sold during the period 748 units across all of its residential developments.
EBITDA continued to improve and was higher by 96% on a year-on-year basis, reaching EGP 506 million (H1 2014: 258m).
Commenting on the results, Mohamed Alabbar, Chairman of Emaar Properties, said, "I am very pleased with our performance in the half year results. We reported EGP 522 million of net profit and EGP 1.56 billion in revenues, aided by strong product uptake and better than expected sales prices. Mivida in New Cairo, specifically, has exceeded our expectations in terms of its sales in the last six months.
"We recently raised EGP 2.28 billion in an IPO and the funds will be invested to support and accelerate the developments of our projects. There is a high level of demand from local and outside investors for premium lifestyle properties in Egypt due to the lack of supply for this segment. Our sales forecasts remain strong and we look forward to continuing our sales momentum into the second half of the year."
As of 30 June 2015, total assets were EGP 16,271 billion and the Company's net cash position, excluding funds from the IPO, remained strong at EGP 0.9 billion (31 March 2015: EGP 0.5 billion)