Porto Group hits profits of LE 80.1M in 6 months

CAIRO – 21 August 2019: Financial Indicators of Porto Group Holding’s (PORT) consolidated results revealed a 50.9 percent hike in profits of the first half of 2019, recording LE 80.07 million, compared to LE 53.06 million including minority rights in the same half of 2018.

Gross profit during the first six months of current year recorded LE 264.49 million, down from Le 270.38 million during the same months of 2018, the indicators showed.

As per the second quarter of 2019, the company accomplished profits of LE 20.47 million, compared to LE 7.54 million during the same quarter of 2018.

Meanwhile, the company turned into profitability in their standalone results during January/June 2019 period, recording profits of LE 76.14 million, compared to a loss of LE 8.8 million in the same period of 2018.

During the first quarter of 2019, the company’s profit climbed to LE 59.59 million, compared to LE 45.52 million in the same period of the prior year.

Porto Group operates within the real estate sector, focusing on diversified real estate activities. It has subsidiaries operating across Egypt, Syria and the British Virgin Islands.