Porto Group (PORT.CA) and AMER Group (AMER.CA), the leading investment and development of integrated real estate projects, achieved a substantial increase in consolidated revenues.
Porto Group achieved a consolidated revenue of EGP 191m in the first quarter (Q1) of 2016, while achieving a gross profit of EGP 68m with a gross profit margin of 36%.
The company attributed the increase to the high frequency of delivery of villas in the Porto October and Porto Cairo projects. The company delivered over 82 units during Q1 2016.
According to the financial results for the fiscal year that ended on 31 March 2016, Porto Group achieved an operating profit of EGP 26m, with a margin of 14%.
Further, the net profits after taxes and minority rights reached EGP 28m with a margin of 15% and the total assets amounted to EGP 3.9bn, with a growth of 5% compared to December 2015.
The report said that working capital reached EGP 189m by the end of March 2016, meanwhile, the Porto Group’s sales achieved EGP 446m in Q1 2016.
Porto Group (PORT.CA), a leading company in real estate development, is an Egyptian joint stock company founded in 2015 and separated from Amer Group. The company develops real estate projects at new communities and is working to develop housing units in east and west of Cairo, in addition to seasonal units as well as commercial units.
For its part, AMER Group (AMER.CA) announced its financial results for the fiscal year ended 31 March 2016 as EGP 544m, compared to EGP 463m as of 31 March 2015, an increase of 18%.
The report mentioned that AMER Group’s gross profit amounted to EGP 138m, with a gross profit margin of 25.5%. The net profits after taxes and minority rights reached EGP 68m, with an annual increase of 36% and margin of 12.5%.
“Total assets amounted to EGP 6.2bn by the end of March 2016, a slight decrease compared to 31 December 2015. Loans and facilitations increased to EGP 275m compared to EGP 158m in 31 December 2015,” the report read. “The total cash in banks reached EGP 537.8m in March 2016, compared to EGP 553.3m in December 2015.”
The company said the real estate sector continues to represent the largest proportion of revenues compared to other sectors that amounted to 81% of total revenue, while the catering sector represented 10% of the company’s total revenue and the hotel sector 3.1%.