Porto Group has issued its financial results for the first quarter (Q1) of 2021, reporting EGP 318m in revenues during the quarter.
The figures confirm the company’s seriousness in implementing its strategy to restructure its administrative and executive system. Consequently, Porto’s consolidated financial statements for Q1 of this year showed the company’s shift from loss to profit.
Gamal Fathallah, Chairperson of Porto Group, said that the company has a strategy based on four main elements, which include introducing Porto Group to the market in a new way, and overseeing the administrative and executive restructuring of the group.
It is also looking to accelerate the implementation rates of various projects for delivery to customers according to the specified schedules.
In addition to this, Porto Group will introduce new real estate products in line with requirements of the new market in real estate units, which is characterised by sustainability and meeting the requirements of different customers.
Fathallah expressed his appreciation and gratitude for the confidence and support of Porto Group’s clients during the company’s transitional phase under the leadership of its new management.
He added that the company is constantly keen on improving level of performance, with the Q1 of 2021 results confirming this. In addition to this, the company is keeping pace with the development and real estate expansion Egypt is currently witnessing, whilst creating unique and diverse investment opportunities for all customers.
Accordingly, the company is currently developing 2.4 million sqm locally and regionally, to enhance its regional presence in Egypt, Jordan, and Morocco, Fathallah disclosed.
For his part, Ayman bin Khalifa, Porto Group’s Vice Chairperson and CEO, said that the company’s results for Q1 of 2021 enhance the confidence of shareholders and customers in the company’s promises. It also enhances confidence in the new administrative and executive structure of the company.
Khalifa explained that the company achieved outstanding business results during Q1 of 2021. It recorded net revenues with an increase of 54% by the end of the Q1, compared to the end of Q1 of 2020.
Moreover, the company also achieved total profits reflecting an increase of 40% by the end of the Q1 of 2021. Its operating profits (before interest and tax) increased by 611%, in addition, to achieve a net profit of EGP 19m, an increase of 215% compared to Q1 of 2020.
Fathallah said that the company has an ambitious investment plan to maintain its leadership in the real estate sector during the coming period.
He noted that the company has sold over 10,000 units to customers so far, with a total value of about EGP 13bn, and more than 7,000 units have been delivered so far.
The company’s financial results for Q1 of 2021 enhances customer confidence in the new administrative and executive structure of the company, he concluded.
