Emaar Misr for Development has said its profits fell by 49% year-on-year (y-o-y) to stand at EGP 1.74 bn in 2019, down from EGP 3.42 bn in 2018, Invest-Gate reports.

The drop is mainly attributed to an EGP 878 mn donation made in April 2019, which took its toll on Emaar’s interest income margins, according to the company’s annual financial statements.

Revenues declined by 13.7% to EGP 5.57 bn in 2019, compared to EGP 6.3 bn in 2018, according to the released annual financial statements.

Net sales by increased 21% y-o-y to stand at EGP 13.9 bn in 2019, while net cash position currently stands at EGP 12.3 bn.

Late last year, Emaar and the New Urban Communities Authority (NUCA) inked deals to settle disputes between both sides and allocate plots for the establishment of two integrated urban projects in west Cairo’s Sheikh Zayed Extension.