Emaar Misr for Development announced its financial results for the 12 months ending on 31 December 2017. The company reported a solid increase in gross sales in 2017 at EGP 11.973bn, while net sales came in at EGP 10.893bn.
The company attributed the record sales to the extremely successful launches of Marina Residences and the Greek Village at the flagship North Coast development of Marassi, with exceptional demand for Emaar Misr’s international Marina products.
Emaar Misr also announced concluding hotel management contracts with award-winning brands The Address and Vida for two of its Marassi hotels and has broken ground on its The Address Golf Resort + Spa, signalling a move towards implementation of its non-residential, recurring revenue projects.
“Recognised revenues were led by on-target construction progress across all three projects, with deliveries reaching 1,386 units. Revenues recognised according to the completed contract (CC) method recorded EGP 4.511bn,” the company noted. “Gross profit recorded EGP 1.714m. Profitability continues to be driven by product innovation, market leadership, and cost control.”
Earnings before interest, taxes, depreciation, and amortisation reached EGP 1.437m, while net finance income reached EGP 1.375m. After-tax net profit increased to reach EGP 2.3m.