Somabay, a leading company in tourism investment and the developer behind the renowned Somabay peninsula, disclosed profits of EGP 102 mn in the first half of 2024, denoting a remarkable 155% surge compared to the corresponding period last year, Invest-Gate reports.

The company’s revenues climbed by 29%, reaching EGP 588 mn, while contracted sales experienced a threefold increase, soaring to EGP 5.5 bn within the initial half of the year.

Mr. Ibrahim El Missiri, CEO of Somabay Group, unveiled the organization’s ambitious expansion strategies for the Egyptian real estate landscape in 2024. The roadmap encompasses the introduction of new projects and an investment of EGP 2 bn in construction and infrastructure advancements across these endeavors. Through expedited project implementation and diversification into real estate, hotels, and resorts, Somabay aims to broaden its business horizons and fortify its market standing.

El Missiri underscored that Somabay has successfully transacted 2,500 residential units, with 700 units already handed over to homeowners. An additional 500 units are slated for delivery by year-end. These achievements underscore the escalating demand for Somabay’s projects, particularly in coastal regions, further cementing the company’s foothold in the Egyptian market.

Expressing unwavering optimism, El Missiri accentuated that the accomplishments of the first half of the year serve as a robust foundation for future expansion and advancement. He emphasized that the company is well-equipped to leverage emerging prospects in the Egyptian sector, persisting in delivering groundbreaking projects that surpass customer expectations and significantly contribute to the nation’s real estate sphere.