Amer Group profits lose 50% in a year

CAIRO – 4 February 2018: Amer Group Holding Co SAE (AMER) announced that its consol net profit in 2017 decreased 49.59 percent, compared to the consol net profit in 2016, according to a release to the Egyptian Exchange.

The release showed that the company achieved net profit of LE 93 million ($5.3 million) in 2017, compared to LE 184.5 million.

The consol revenue recorded LE 2.15 billion last year, compared to LE 2.44 billion in 2016, according to the release.

Amer Group standalone net profit recorded LE 163 million, compared to the loss of LE 11.7 million in 2016.

The consolidated profits dropped 73.2 percent year-on-year to LE 20.4 million in the three-month period, which ended in September 2017, from LE 76.3 million in the corresponding period of 2016.

Amer Group Holding Co SAE (known as: Amer Group) is a public company, listed on Egyptian Exchange (EGX) since November 2010. Amer Group operates within the Real Estate sector focusing on Real Estate Development. It has 31 subsidiaries operating across the Caribbean, Southern Africa, Northern Africa and Middle East. Amer Group is based in Cairo, Egypt and was established in December 2007.