The consolidated financial statements of Egyptian developer Emaar Misr in 2019 showed its profits declined by 49% to EGP 1.7bn, compared to EGP 3.4bn in 2018. The company’s consolidated revenues also decreased last year to EGP 5.4bn, compared to EGP 6.3bn in the year before.
The company achieved EGP 3bn sales from Mivida project, and EGP 2.2bn from Marassi.
The financial statements of the company showed a decline in the results of the company’s business due to growing expenses, whether financing, general, or administrative. General and administrative expenses increased to EGP 1.4bn last year, compared to EGP 456m in 2018. The business decline was also the result of an increase in the projects’ costs and the income tax doubling to EGP 619m.
Emaar Misr’s real estate development portfolio recorded EGP 16.5bn, distributed over Mivida, Uptown Cairo, Marassi, and Cairo Gate projects. Uptown has the lion’s share of the portfolio, up to EGP 5.7bn, followed by Marassi by EGP 5bn.
The financial statements also revealed an increase in the company’s investments in treasury bills (T-Bills), reaching EGP 9.6bn in 2019, compared to EGP 7.6bn in 2018.