Porto Group announced its consolidated revenue for the first quarter (Q1) of 2016, achieving a gross profit of EGP 68 million with a gross profit margin of 36%, reported Daily News Egypt.
According to the financial results for the fiscal period that ended on 31 March 2016, Porto Group achieved an operating profit of EGP 26 million, with a margin of 14%.
In terms of consolidated net profit, the company achieved EGP 27.8 million in Q1 2016, in comparison to EGP 37.25 million of consolidated net profits from the same period in 2015, according to Arab Finance.
Total assets have also increased by 5% compared to that of December 2015 to hit EGP 3.9 billion.
The report said that working capital reached EGP 189m by the end of March 2016, meanwhile, the Porto Group’s sales achieved EGP 446m in Q1 2016.
The company attributed the increase to the high frequency of delivery of villas in the Porto October and Porto Cairo projects. The company delivered over 82 units during Q1 2016.
For its part, AMER Group announced its financial results of EGP 544 million for the same period stating an increase of 18% increase in comparison to Q1 2015.
AMER Group’s gross profit amounted to EGP 138 million, with a gross profit margin of 25.5%. The net profits after taxes and minority rights reached EGP 68 million, with an annual increase of 36% and margin of 12.5%.
Total assets amounted to EGP 6.2 billion by the end of March 2016, a slight decrease compared to 31 December 2015 value. Loans and facilitations increased to EGP 275 million, compared to EGP 158 million in 31 December 2015. The total cash in banks reached EGP 537.8 million in March 2016, compared to EGP 553.3 million in December 2015.
The company report stated that the real estate sector continues to represent the largest proportion of revenues compared to other sectors, hitting an estimated 81% of total revenue, while the catering sector represented 10% of the company’s total revenue and the hotel sector 3.1%.