Emaar Misr profits jump by 41% in H1

Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, reported Wednesday a 41 percent increase in its first half profits.

Net profit rose to 976.947 million Egyptian pounds ($54.9 million) during the six months ended in June 2017 from 691.277 million pounds during the same period in 2016, the company’s financial indicators showed Wednesday.

Net revenues fell by 1.2 percent to 1.758 billion pounds from 1.780 billion pounds last year.

During the first quarter, profits jumped by 72 percent to 437.9 million pounds, compared to 254.48 million pounds during the same quarter in 2016.