Cairo – Mubasher: Pharos Research has reiterated its ‘Overweight’ recommendation for Porto Group Holding’s stock at a fair value (FV) of EGP 0.47 per share.

The real estate developer usually generates the best earnings in the third quarter due to its large business portfolio in the North Coast, Pharos said in a recent research note.

This will be reflected in the sales of coastal areas, including Porto Group’s project in Ain Sokhna, in Q1-18 by 37%, slightly higher than its competitors, the research company added.

The North Coast development portfolio was the main contributor to the FV of EGP 0.47 per share, according to the research note.

On Monday, Porto Group Holding reported a 41.9% year-on-year drop in consolidated profits for the first quarter of 2018, recording EGP 45.5 million from EGP 78.37 million, including minority shareholders’ rights.

Revenues grew to EGP 378.1 million in the three-month period ended last March, versus EGP 426.1 million in the year-ago period.