Amer Group profits grow 36% in Q1/2016

Egypt leading real estate developer Amer Group Holding’s consolidated profits for the first quarter of 2016 rose 36% year-over-year to 68 million Egyptian pounds from 50 million Egyptian pounds, according to the company’s recently published financial results.

The real estate division captured the lion’s shares of revenues, registering 81% out of the total proceeds. Meanwhile, restaurants, hotels, malls, and other lines of business account for 10%, 3.2%, 2.3%, and 2.35% respectively, the company indicated.

Based on its standalone financial results, the company earned 7.6 million pounds in Q1-16, recording a jump of 518% year-on-year from 1.23 million pounds

Amer Group ascribed higher earnings to an increase in revenues by 81 million pounds to 544 million pounds, compared with EGP 463 million for the year-ago quarter, said the company. 

“Revenues reached 172 million pounds in the first three months of 2016. In addition, total reservations and contracts rose to 3.27 billion pounds during the same period compared to 3.6 billion pounds for the period ended in December 2015”, the company pointed out.

During 2015, the company earned a net of 167.86 million pounds, 21.2% lower from 213.04 million pounds.