Emaar Misr nine-month net profit rises 62%

Emaar Misr, the Egyptian unit of UAE property conglomerate Emaar Properties, reported on Sunday a 62 percent rise in its net profit for the first nine months of the year.

The Egyptian developer made a net profit of 1.02 billion Egyptian pounds ($65.2 million) for the January-September 2020 period from 628.99 million pounds in the same period last year.

Revenues saw a marginal drop to 2.27 billion pounds at the end of September from 2.34 billion pounds in the same period in 2019.

Standalone profits also increased to 1.02 billion pounds in January-September from 628.99 billion pounds last year.