Amer Group Net Profit Rises 8.6% in H1 2020

Amer Group Net Profit Rises 8.6% in H1 2020

Egypt-based Amer Group reported an 8.6% hike in net profits in H1 2020, logging EGP 27.6 mn versus EGP 25.4 mn in the corresponding period last year, Invest-Gate reports.

Meanwhile, Amer Group saw its property sales going down to EGP 787 mn in H1 2020 from EGP 987 mn in the prior-year period. This is in addition to a slight drop in revenues by EGP 1 mn to record EGP 690 mn in the January-June period of 2020, compared with the year-ago results, according to the company’s latest financial statements on July 29.

Revenues from property investment hit EGP 437 mn in H1 2020, up from EGP 359 mn in 2019, thanks to Amer Group’s second-home flagship projects; Porto Said, Porto Sokhna, Porto Marina, and Porto Matrouh, the statement further noted.

According to the Egyptian developer, real estate investments continue to represent the largest portion of returns, accounting for 68% of total revenues, followed by Porto Vacation Club (PVC) and dining division at 21% and 8%, respectively. The remainder comes from other investment activities.


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