Emaar Misr announces 21.2% increase in FY2015 sales

Emaar Misr for Development (EMFD), the leading developer of premium lifestyle communities in Egypt, Committed net sales has reached EGP 8.6 billion ($969million) for the financial year ending 31 December 2015, with an increase of 21.2% compared with EGP 7.1 billion in FY2014.

Mohamed Al-Abbar, Chairman of Emaar Properties, added Tuesday that the company’s Cumulative net sales, since inception, registered EGP 30.6 billion (US$3.4 billion), Alabbar noted.

As for FY2015; the company’s revenues were 24.3% higher at EGP 3.2 billion as compared to EGP 2.6 billion in FY2014 as a direct result of delivering 819 units across its projects. In addition, its net profit had doubled to EGP 854 million from EGP 417.9 million.

However, Emaar Misr has delivered 408 units in Mivida whilst booking higher-than anticipated demand at its north coast development of Marassi following the successful launch of its first phase of the Marina.

Morover, Alabbar added that the company’s liquidity remains strong at EGP 2.1 billion, looking forward to a further solid, sustained growth in the future.