Amer Group’s quarterly financial results show an increase of more than 7x in the company’s net profits in Q1 2015, compared to the same period last year.
The group’s Q1 results (from January until the end of March 2015), registered net profits worth EGP 16.3m, compared to the same period in 2014 where figures stood at EGP 2m.
The group has succeeded in decreasing loans to EGP 117m in the first three months of 2015, compared to the EGP 125m in December 2014. This marked a decline of EGP 8m, according to a board of directors’ report, sent by the group to Daily News Egypt.
In Q1 of 2015, 510 residential units were delivered by the group, registering revenues worth EGP 374.7m. In the same period in 2014, residential unit revenues stood at EGP 159.2m, the report noted.
Meanwhile, total revenues for the first three months of 2015 were worth approximately EGP 457m, 82% of which represented revenues from the real estate sector. This was followed by restaurants’ revenues at 10.4%, then malls at 3.4%, followed by the hotels sector at 2.6%, with the rest from other activities.
Amer Group is listed on the Egyptian Stock Exchange (EGX), and issued capital amounts to EGP 195.57m, divided into 1.629bn shares, with a nominal value of 12 piasters per share.
The group invests in a number of projects and services that involve different sectors as tourism, real estate, shopping malls and restaurants.
Amongst its assets are, Porto Marina, Porto Sharm, Golf Bay mall, Meeting Point New Cairo, Chilis and Studio Masr.