Emaar Misr for Development recorded an increase in assets in the first quarter of 2016 worth EGP 18.3 billion. This figure represents an increase of 4.6 percent, compared to EGP 17.5 billion pounds in the same period in 2015, reported Amwal Al Ghad.
Emaar Misr achieved a net profit of EGP 254.49 billion for Q1 of 2016 versus a net profit of EGP 172.7 billion for Q1 2015, which is a 47 percent increase compared to last year, according to a report released by the company. However, Emaar Misr revenues fell 20.5 percent from EGP 751.4 million in 2015 to EGP 597.4 in 2016.
“The volatility of the Egyptian pound, together with historically high inflation rates, has attracted residents to the property investment market in order to secure their money,” Colliers International reported in its 2016 Cairo Market Overview.
As of May 5, Emaar Misr shares had risen by 1.6 percent to register at EGP 2.54 per share.