Egypt’s real estate development and investment company TAMEER achieved a growth rate of 64% in its consolidated sales and profits to total EGP 742 mn for 2018, compared to EGP 453 mn in 2017, Invest-Gate reports.

Saad Al Wazzan, the company’s chairman, said TAMEER has achieved consolidated profits (before deducting minority interests) worth EGP 331 mn in 2018 versus EGP 201 mn in the prior year, he said in press statement on March 7.

Al Wazzan attributed the profit rise to the company’s successful marketing strategy and financial structure of its projects.

He added that the significant growth in TAMEER’s consolidated sales and profits since 2016 is a direct result of the plan set by the board of directors to develop the company’s performance in line with the requirements of the contemporary Egyptian market.

For his part, Managing Director of TAMEER Antoine El Khoury said the firm has set ambitious targets for 2019, including the marketing and implementation of the second phase of Diar 2 project, with targeted sales of EGP 1 bn and total additional investments worth EGP 600 mn.

El Khoury added that the company targets delivering Azad compound in New Cairo by year-end, while targeting sales worth EGP 1.7 bn out of the entire project.