ICEC

Egypt property developer Porto Group’s 2017 net profit rises 109%

Egyptian property developer Porto Group’s net profit after calculating taxes rose by 109 percent to 246 million Egyptian pounds ($14 million) during 2017, said its chairman and managing director Mohammed El Mekawy on Thursday.

Net profit earlier stood at 118 million pounds during 2016, El Mekawy added.

“We completed 1,213 units last year up from 621 units in 2016 in Porto October, Porto New Cairo, Porto Golf in Ain Sokhna, and Porto Lagoons flagships,” the Egyptian official further referred.

As for Porto New Cairo, El Mekawy stated that this project will include a number of various housing units as well as commercial and entertainment centres.

“The company is currently delivering the housing units of the project (Porto New Cairo),” he said, clarifying that the commercial centre is set to be open within Autumn 2019.

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