Emaar Misr 4Q17: Net income beat on higher interest income; reported margins came in lower than estimates
Emaar Misr reported its financial results for 4Q17. Revenue came in at EGP1,912mn showing 26.7% Y-o-Y in 4Q17 and 12.5% Y-o-Y in 2017. EBIT came in at EGP530.6mn in 4Q17, 11.7% below our estimates on: i) higher-than-expected SG&A (+41.5% Y-o-Y); and ii) lower reported gross profit margins. Net income for the quarter grew by 36.1% Y-o-Y in 4Q17 to EGP843.9mn and by 36.6% to EGP2,300mn in 2017, continuing to be boosted by strong interest income. Operational metrics for the quarter were not released. We await Emaar Properties international sales figure for some light on contracted sales of Emaar Misr. We expect contracted sales of EGP11.5bn in 2017 (EGP9.2bn in 9M17).
Mai Attia
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