Emaar Misr for Development reported a solid increase in gross sales in 2017, achieving 11,973 million Egyptian pounds, while net sales came in at 10,893 million pounds according to financial results for the 12 months ended 31 December 2017.
Record sales at Emaar Misr developments were led by the extremely successful launches of Marina Residences and the Greek Village at the flagship North Coast development of Marassi, with exceptional demand for Emaar Misr’s international Marina products.
Emaar Misr has also announced concluding hotel management contracts with award winning brands The Address and Vida for two of its Marassi hotels and has broken ground for its “The Address Golf Resort + Spa”, signaling a move towards implementation of its non-residential, recurring revenue projects.
Recognised revenues were led by on-target construction progress across all three projects; with deliveries reaching 1,386 units. Revenues recognised according to the Completed Contract (CC) method recorded EGP 4,511 million.
Gross profit recorded EGP 1,714 million. Profitability continues to be driven by product innovation, market leadership, and cost control.
EBITDA reached EGP 1,437 million.
Buoyed by the high interest rate environment in 2017, net finance income reached EGP 1,375 million.
After-tax net profit increased to reach EGP 2,300 million.
Commenting on the results, Mohamed AlAbbar, Chairman of Emaar Properties said:
“We are pleased with the level of maturity our projects in Egypt have achieved. The superior quality we deliver has reflected positively on all of our financial results and demonstrates our winning formula of unwavering commitment to excellence in everything we do“ he added “ this commitment to excellence does not stop at the delivery of units but continues with providing the best services to our customers and communities after delivery ”
Mr Alabbar added: “Our financial results are testament to the sound fiscal policies and strict cost control measures we apply in our operations”
He added commenting on Egypt’s economy: “our results are also clear signs of the strong recovery and resilience of the Egyptian economy to which we are committed as developers and investors.”