Amer Group releases its consolidated financial results, as the real estate sector achieved an increase in contractual sales during Q1 2022, Invest-Gate reports.

The group’s contractual sales skyrocketed by 535% to EGP 1bn and 396 mn in Q1 2022, compared to EGP 220 mn in Q1 2021.

Hosny Hani, CEO of Amer Group, says, “the company aspires to achieve unprecedented results in 2022 and numbers confirm that we are on the right path, as we have achieved a gross profit margin of 41% of total revenues.”

Additionally, the balances of reserved and real estate contracts amounted to EGP 5.2 bn by the end of Q1 2022, when compared to EGP 4.9 bn by December 31st, 2021.

Concrete work has begun to develop a 4,495 sqm-plot of land on 15,710 building area ​​in the NAC with an investment of EGP 250 mn and the project consists of 3 floors of frequent garages, a ground floor, 7 floors and 180 units, the statement reads.

Likewise, the actual delivery of the remaining Porto Said units sold and implemented about 700 housing units as phase II, while the contracting and operating of a ​​9,800 sqm-commercial mall is underway.

In addition to Porto Minya project, which is located on 250,000 sqm for the benefit of “Amer Tourism Development” with an investment of EGP 2.7 bn.

Part of “Marriott Residence Heliopolis” project has been converted into a commercial activity, as the project is located on 27,000 sqm in El Thawra Street in Heliopolis and includes 1,300 fully finished luxury housing units, at a cost of EGP 3.5 bn, the statement continues.

Moreover, a new phase “Royal Villa” is launched in the “South Beach” resort with total expected sales of EGP 382 mn.

It is noteworthy that the financial performance indicators confirm that the group’s revenues in Q1 amounted to 618 mn and the real estate investment sector achieves 80% of them, the vacation sector club achieves 10%, the restaurants’ sector 5%, while the rest activities achieve 5%.