Cairo – Mubasher: Pharos Research has affirmed its Overweight recommendation of Porto Group Holding’s stock based on a fair value (FV) of EGP 0.47 per share, according to a recent report on Wednesday.

The stock’s FV has been bolstered by the company’s development portfolio of Golf Porto Marina and Porto Pyramids, Pharos added.

Given that The Egypt-based firm posted a net profit of EGP 245.5 million during the full-year 2017, versus EGP 117.5 million a year earlier.

Moreover, the board of the Egyptian real estate firm has proposed distributing bonus shares in 1:5 ratio.

The EGX-listed company’s capital amounts to EGP 501.5 million distributed over 5.015 billion shares at a par value of 0.10 per share.

By 2:11 pm Cairo time, Porto Group’s stock rose 3.13% to EGP 0.33 at a turnover of EGP 15.07 million.