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Porto Group’s profit rises 31% in Q1

Porto Group’s profit rises 31% in Q1
Net profits amounted to EGP 59.59 million
ARAB Developers Holding
ARAB
-0.41% 2.44 -0.01

Cairo – Mubasher: Porto Group Holding reported a 30.9% year-on-year increase in its consolidated profits during the first quarter of 2019.

The real estate developer’s net profits amounted to EGP 59.59 million in the three-month period ended 31 March, compared to EGP 45.52 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Revenues rose to EGP 417.83 million in Q1-19 from EGP 378.1 million in the corresponding period a year earlier.

As for standalone business, the EGX-listed firm’s losses retreated to EGP 2.35 million in the January-March period of 2019, compared to EGP 3.77 million in the year-ago period.

For the full-year 2018, Porto Group Holding logged EGP 114.64 million in profits versus EGP 245.5 million a year ago, including minority shareholders’ rights.