Emaar Misr Development Company's profits increased by 107.6% during the first 9 months of this year, reaching EGP 10.34 billion, compared to a profit of EGP 4.98 billion during the same period last year.

The company's revenues increased during the nine months to EGP 13.26 billion, compared to revenues of EGP 10.58 billion during the same period last year.

Emaar Misr Development Company's profits doubled 1.2 times in the first half of this year, reaching EGP 7.64 billion, compared to a profit of EGP 3.48 billion in the comparative period of 2023.

The company's revenues declined during the first six months of this year to EGP 5.6 billion, compared to revenues of EGP 5.69 billion in the comparative period of 2023.

The cost of revenues decreased during the period monitored to EGP 2.84 billion, compared to EGP 3.38 billion in the comparative period last year.

The Extraordinary General Assembly of Emaar Misr for Development Company approved increasing the issued capital by a maximum of 3.194 billion shares to acquire two companies.

The General Assembly approved the acquisition of all shares of the capital of Al-Bro North Coast Real Estate Management Company through a share swap, from acquiring 75% to owning all shares of the company's capital.

This is in exchange for Al-Bro North Coast shareholders obtaining an increase in the capital of Emaar Misr after determining the exchange rate by an independent financial advisor registered with the Financial Supervision Authority.

The Assembly also approved the cash acquisition of a percentage representing 25% of the capital shares of Sky Tower Real Estate Development.

It was decided to authorize the Board of Directors to acquire the 75% complementary to 100% of the total shares of Sky Tower Real Estate Development through an exchange according to the timing it deems appropriate, in exchange for Sky Tower shareholders obtaining an increase in the capital of Emaar Misr after determining the exchange rate.

The Extraordinary General Assembly decided to increase the company’s capital by issuing a maximum of 3.194 billion shares for the purpose of completing the acquisition of the two companies through an exchange of shares owned by the shareholders of the companies subject to acquisition.