Egypt arm of Dubai developer Emaar reports big profit increase

Emaar Misr, the Egyptian arm of Dubai developer Emaar Properties, on Sunday reported a big jump in first-quarter profits, supported by strong revenue growth.

The subsidiary of Dubai's largest real estate developer said profits reached 172.7 million Egyptian pounds ($22.65 million) in the first three months of the year, up from 30.7 million pounds a year earlier.

The company's revenues rose 110 percent in the same period to 751.5 million pounds from 357.7 million.
Emaar Misr, a big foreign investor in Egypt's real estate industry, filed a formal request in February to list shares on the Cairo stock market