Marseilia Almasreia Alkhalegeya Real Estate Investment is on the way to distributing EGP 20.765 mn, or EGP 0.1 per share, dividends for the first half of 2023, Invest-Gate reports.

The company’s board of directors approved the dividends and the final decision is pending the consent of the general assembly, which is scheduled to hold a meeting in September.

Marseilia’s revenues surged by 40% year-on-year between January and the end of June 2023. Meanwhile, the profit after taxes reached EGP 48.1 mn in the same period, said Chairman Sherif Heliw.

Heliw stated that the company delivered units in the third and final phase of the Marseilia Beach 4 Sidi Abd El Rahman Project on the North Coast.

The company also launched Marseilia Beach 5 at the beginning of 2023. The top executive revealed that the project is a luxury tourist village to be built in areas of 140 acres.