Marseilia Egyptian Gulf Real Estate Investment SAE has shifted from loss to profit in the first half (H1) of 2015, the company announced Sunday.
In H1 of 2015, the company’s net profits reached EGP 10.3m ($ 1.3m), compared to the EGP 11.8m ($ 1.5m) of net losses recorded in the same period the previous year.
Meanwhile, in the same period this year, the company’s revenues were approximately EGP 116.9m, up from the EGP 2.3m recorded the year before.
In the first quarter (Q1) of the current year, the company’s profits registered EGP 7.5m, compared to the losses of the previous year that were equivalent to EGP 6.05m.
In February, the Egyptian Stock Exchange (EGX) enrolled 20m new shares from the company as it increased capital by EGP 20m, raising its capital from EGP 40m to EGP 60m.
The company has a number of resorts, malls and residential communities. Among the companies projects are: Hayat Alex Park, a residential compound in Alexandria; BlueBay Asia Sokhna located in Ain Sokhna; Marseilia Alam El Roum – Resort in Marsa Matruh; as well as Florence Mega Mall, located in Alexandria.