Cairo – Mubasher: Amer Group Holding Co on Wednesday announced it will launch Porto Garawlah in the Mediterranean governorate of Marsa Matrouh soon.

The project will feature 2,750 units directly facing the beach, the Egyptian real estate firm added in a statement.

The leading property developer is looking to open a five-star hotel in Port Said prior to the end of the first quarter of 2019, according to the statement.

Earlier this month, Amer Group announced that it was set to open Porto Said Hotel in the first quarter of 2019.

In April, the company said that one of its subsidiaries had signed a contract to build a commercial tourism residential project in the western gate of Port Said with an around EGP 3 billion in investments.

The project will include an international hotel and residential units, in addition to commercial and entertainment services, with a capacity of 4,000 rooms.

Earlier this day, Amer Group reported a 19.6% year-on-year decline in consolidated profits for 2018.

Net profit totalled EGP 74.7 million in the full-year ended December 2018, compared to EGP 92.9 million in 2017, including minority shareholder’s equity.

Revenues shrank to EGP 1.9 billion last year from EGP 2.15 billion a year earlier, according to the statement.

Meanwhile, standalone profits retreated to EGP 30.5 million in 2018, versus EGP 163.04 million in 2017.