Emaar Misr announces 21.2% increase in 2015 salesby Paromita Dey on Mar 23, 2016
Emaar's Egypt offshoot, Emaar Misr, posted a 21.2% increase in their net sales for 2015.
The numbers went up to $969m (EGP8.6bn) for the financial year ending 31 December 2015, compared with $799m (EGP7.1bn) in 2014.
Mohamed AlAbbar, chairman of Emaar Properties, said in a statement to the Cairo bourse: "The company's cumulative net sales, since inception, has registered $3.4bn (EGP30.6bn). The company's liquidity remains strong at $236m (EGP2.1bn), looking forward to a further solid, sustained growth in the future."
As a result of delivering 819 units across its projects, the company's revenues went up by 24.3% to $360m (EGP3.2bn) in FY2015 as compared to $292m (EGP2.6bn) in FY2014.
In addition, the developer's net profit had doubled to $96m (EGP854m) in 2015 from $47m (EGP417.9m) in 2014.
Emaar Misr has delivered 408 units in Mivida, whilst booking higher-than anticipated demand at its north coast development of Marassi, following the successful launch of its first phase of the Marina.