Amer Group’s subsidiary Amer for Tourism Development has obtained approval from the New Minya City Authority to scale down the land area allocated for an integrated urban project in the new city, Invest-Gate reports.
Accordingly, the assigned area to Amer for Tourism Development in New Minya was amended from 110 to 45 acres, as highlighted in the company’s bourse filing on August 10.
Last March, the Egypt-based firm had submitted an official request to the New Minya City Authority for the allocation of a 110-acre land plot to implement a fully-fledged tourist development, according to a previous statement.
In H1 2020, Amer Group saw an 8.6% hike in net profit to log EGP 27.6 mn versus EGP 25.4 mn in the corresponding period last year. However, property sales went down to EGP 787 mn in the January-June period from EGP 987 mn in H1 2019, indicated the developer’s recent financial results.
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, it further revealed on July 29.