Earnings watch: Emaar Misr turns a profit in 2Q2020

EARNINGS WATCH- Emaar Misr recorded a net profit of EGP 366 mn 2Q2020, up from a net loss of EGP 324 mn in the same period last year, according to the company’s quarterly financial statements (pdf). This came despite revenue falling 13% to EGP 771 mn during the quarter. Net profit for 1H2020 surged to EGP 582 mn from EGP 94.3 mn in the same period last year, despite revenues dropping to EGP 1 bn from EGP 1.46 bn.