Emaar Misr records one of Egypt’s highest real estate sales figures in 2020

Emaar Misr records one of Egypt’s highest real estate sales figures in 2020

The real estate developer Emaar Misr has announced recording one of the highest sales figures among the private developers in Egypt during 2020. The data was released as part of its financial results for the fourth quarter (Q4) of 2020, which depicted strong performance with new sales, in local currency terms, recording as one of the highest in the country. Emaar Misr managed to achieve record sales of EGP 7. 2bn during Q4 of 2020, with total sales in 2020 hitting EGP 18bn, a rise of 14. 6% year-on-year (y-o-y), and even exceeded the sales achieved by Talaat Moustafa Group (TMG) of EGP 16. 6bn. New sales consisted mainly of units in Cairo Gate, Marassi and Mivida. Top-line for the quarter amounted to EGP 2. 40bn, down 2. 79% y-o-y but up 89. 5% quarter-on-quarter (q-o-q). Gross margin stood at 38. 7%, versus 39. 2% in Q4 of 2019 and 36. 4% in Q3 of 2020. Bottom-line amounted to EGP 656m, down 40. 9% y-o-y and up 49. 1% q-o-q. Emaar Misr's net cash balance in the balance sheet stands at EGP 10. 5bn, almost equivalent to the stock's total market capitalisation. This reflects a significantly undervalued story, given minimal