Emaar Misr for Development saw a 516.7% year-on-year (YoY) surge in net profit to log EGP 581.53 mn in H1 2020, compared to EGP 94.29 m in the year-ago period, Invest-Gate reports.

In H1 2020, revenues retreated to EGP 1.01 bn from EGP 1.45 bn in the corresponding period last year. However, the general and administrative expenses dipped to EGP 229.6 mn in the January-June period from EGP 1.11 bn in H1 2019, Emaar Misr revealed in a bourse filing on August 9.

As for Q2 2020, Emaar Misr posted relatively solid revenues of EGP 770.6 mn, reflecting a 221.7% growth quarter-on-quarter (QoQ), but a YoY drop of 13.5%, according to the developer’s latest financial statements.

Deliveries at the company’s flagship development in east Cairo, or “Mivida,” were the most significant contributor to its impressive Q2 revenues with a 75.5% share, followed by Marassi and Uptown Cairo at 12.6% and 11.9%, respectively.

During the same quarter, revenues totaled EGP 770.56 mn, down by 13.4% from EGP 890.82 mn in the April-June 2019 period. Also, Emaar Misr’s net cash slumped from EGP 11.2 bn in Q1 2020 to EGP 10.6 bn at the end of the subsequent span.