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Emaar Misr reports 222% q-o-q growth, EGP 770.6m revenues in Q2 of 2020 - Daily News Egypt

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Emaar Misr reports 222% q-o-q growth, EGP 770.6m revenues in Q2 of 2020

Favourable base effect gives way to a better Q2 of 2020


Emaar Misr has reported relatively solid revenues of EGP 770.6million in the second quarter (Q2) of 2020. The real estate development company’s figures for the quarter reflect growth of 221.7% quarter-on-quarter (q-o-q), but a decline of 13.5% year-on-year (y-o-y).

Deliveries at its Mivida development were the most significant contributor to its Q2 of 2020 revenues with a 75.5% share, followed by Marassi at 12.6% and Uptown Cairo at 11.9%.

Net profits in Q2 of 2020 increased to EGP 365.7m, compared to a net loss of EGP 324.3m in Q2 of 2019. This was due to the company’s donation of EGP 878.0m to a variety of national projects.

It also compares to the net profits of EGP 215.8m in Q1 of 2020. The NPM in Q2 of 2020 stood at 47.5%, compared to -36.4% in Q2 of 2019 and 90.1% in Q1 of 2020.

Emaar Misr’s reported gross profits in Q2 of 2020 were down 20.9% y-o-y and up 490.6% q-o-q, coming in at EGP 279.3m. This gave way to a GPM of 36.2%, compared to a GPM of 19.7% reported in Q1 of 2020 and a GPM of 39.6% reported in Q2 of 2019.

The company’s net cash decreased from EGP 11.2bn at the end of Q1 in 2020 to EGP 10.6bn at the end of Q2 of 2020. The company does not report quarterly sales results.

Pharos Research maintains its Overweight recommendation for Emaar Misr, based on the FV of EGP4.58/share. Pharos Research added that Emaar Misr’s net cash currently stands 95.8% of the market cap.

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https://dailyfeed.dailynewsegypt.com/2020/08/09/emaar-misr-reports-222-q-o-q-growth-egp-770-6m-revenues-in-q2-of-2020/
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