Emaar Misr H1 Net Profit up 283 pct

Emaar Misr for Development -UAE Emaar’s Egyptian unit- attained net profits worth 522 million Egyptian pounds ($66.67 million) marking 283% increase within the first half of 2015.

According to a statement released by the company, Emaar Misr’s revenue rose to 1.56 billion pounds.

Emaar Misr sold about 13 percent of its shares and raised 2.28 billion pounds in an initial public offering in June.

Emaar Misr identifies itself as “the largest foreign direct investor in Egypt’s real estate sector, with an investment portfolio of EGP 53bn”. The company’s land portfolio is about 15.4m sqm, with four projects that include Uptown Cairo, Marassi, Mivida, and Cairo Gate.