Emaar Misr assets jump to $2bn in Q1/2016

Emaar Misr for Development (EMFD), the Egyptian unit of UAE property conglomerate, said first quarter assets reached 18.3 billion Egyptian pounds ($2 biillion), with an increase of 4.6 percent compared with 17.5 billion pounds in the same period in 2015.

The financial results revealed that the company’s net profits posted 254, 49 billion pounds versus net profits of 172.7 billion pounds a year earlier, with an increase of 47.3 percent.

However, the company’s revenues declined to register 597.4 million pounds in 2016 1Q as compared to 751.4 million pounds during 2015 1Q.