Egypt’s Emaar Misr profits drop by 15.7% in Q2

Egypt’s Emaar Misr profits dropped by 15.7 percent during the second quarter (Q2) of 2023 to reach 1.26 billion Egyptian pounds, the company said on Tuesday.

The company’s profits went down from 1.49 billion pounds recorded during Q2 of 2022. The revenues dropped in that period by 14 percent to reach 3.82 billion pounds, down from 4.45 billion pounds recorded in 2021.

Emaar’s revenues, however, rose during the first half (H1) of 2023 by 13.2 percent to 3.48 billion pounds, up from 3.08 billion pounds in H1-2022. The company’s shares rose to 74 piasters, up from 63 piasters, on yearly basis.