Sherif Heliw, Chairman of Marseilia Group, has provided an explanation regarding the business results, which indicate a significant growth in total profits of 122% by the end of 2023 compared to the same period in the previous fiscal year, Invest-Gate reports.

The company achieved a total realized profit of EGP 131 mn, with a net profit of EGP 50.9 mn. These figures reflect the collective efforts of the management and employees in achieving robust business growth.

Heliw emphasized that the first half of the year witnessed the commencement of unit deliveries for the third and final phase of the prestigious Marseilia Beach 4 project in Sidi Abdel Rahman on the North Coast. This accomplishment represents the culmination of the company’s vision and diligent efforts to maintain its achievements in real estate development, particularly in coastal projects, which sets the company apart.

Furthermore, despite the price surges in building materials and finishing products, the company fulfilled its obligations to unit owners without any increase in contract prices prior to unit delivery.

In line with the company’s expansion strategy on the North Coast, Marseilia Group has launched its new project, Marseilia Beach 5, as part of the Marseilia project series. This luxurious coastal tourist village is located in Ras El Hekma on a 140-feddan area. The project caters to the desires of the company’s clients, offering units of varying sizes.

Dr. Sherif El Saftawy, Managing Director of Marseilia Group, highlighted that the company’s stock witnessed a significant increase in its trading value on the stock exchange, multiplying by a rate of 5.67 times compared to the trading price on March 26, 2023.

El Saftawy noted that this surge is a testament to investors’ confidence in the company’s stock and the growing demand for its shares in the market. It also reflects the company’s strategic and prudent policies that benefit shareholders, project clients, and support the company’s expansion plans in the real estate market.