Cairo-Mubasher: MubasherTrade reiterated its 'Buy' recommendation for Emaar Misr, maintaining the price target at EGP 4.20.
The real estate developer's FY15 earnings matched the research firm's forecasts as they rose 104% year-on-year to EGP 855 million.
The interest revenues and rise in delivered units boosted the company's revenues, MubasherTrade said, adding that the deliveries in Uptown Cairo and Mivida projects recorded revenues of EGP 53 million and EGP 1.1 billion, respectively.
Emaar Misr still maintains its leading position as the biggest EGX-listed developer in terms of sales.
FY15 revenues increased 25.9% to EGP 3.2 billion, compared with EGP 2.6 billion a year earlier.
MubasherTrade expects the company's sales to reach EGP 7.3 billion in 2016, and then to decline slightly to EGP 6.6 billion in 2017.
