Amer Group has announced the appointment of Hassan Elaroussy as the CEO of its subsidiary Porto Club for Sports Investment, aiming to develop a sporting club in its Porto Said project on the Mediterranean Sea, Invest-Gate reports.

The move comes as part of its plans to build several social and sports clubs at its various projects in Egypt, Amer Group explained in a bourse filing on July 7, indicating that Porto Said Resort is owned by Amer Tourism Development.

According to the EGX-listed developer, Elaroussy previously held multiple leading roles such as the sports executive director at Wadi Degla Clubs Company and sports development director at the Sixth of October Development and Investment (SODIC).

In Q1 2020, Amer Group uncovered turning profitable, posting EGP 10.65 mn in net profits, versus net losses of EGP 4.55 mn in the year-ago period. Sales dropped to EGP 303.5 mn in the January-March period from EGP 383.5 mn a year earlier, according to the company’s latest financial results.