Egypt-based Amer Group is still in the preliminary phase of conducting financial studies and due diligence on the feasibility of land purchase in New Sohag, Invest-Gate reports.

The EGX-listed property developer did not yet reach a final agreement on the exact area and price of the New Sohag land, as announced earlier in December 2019, according to a recent bourse filing in late August.

In its statement, the real estate company underlined that any update on the matter will be disclosed in a timely manner.

Last July, Amer Group reported an 8.6% hike in net profits of H1 2020, logging EGP 27.6 mn versus EGP 25.4 mn in the corresponding period last year, according to its recent financial statement.

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 besides 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, it noted.