Amer Group’s board of directors are to establish an offshore company in Dubai’s Jebel Ali Free Zone, the company announced in a Sunday statement to the Egyptian Stock Exchange (EGX).
Amer Group needs a company abroad to handle projects in different countries, the Group’s investor relations manager, Reyad Refaat, told Daily News Egypt on Sunday. “This is just an initial plan,” he stressed.
The capital of the company, which may be called either Porto International Group Investments Ltd or Porto Offshore, is AED 1,000, divided into 10 shares with a value of AED 100 per share.
The group’s Q1 results (from January until March 2015) registered net profits worth EGP 16.3m, compared to the same period in 2014 where figures stood at EGP 2m. The group succeeded in decreasing loans to EGP 117m in the first three months of 2015, compared to the EGP 125m in December 2014, marking a decline of EGP 8m.
In Q1 of 2015, 510 residential units were delivered by the group, registering revenues worth EGP 374.7m. In the same period in 2014, residential unit revenues stood at EGP 159.2m, the report noted.
Meanwhile, total revenues for the first three months of 2015 were worth approximately EGP 457m, 82% of which represented revenues from the real estate sector. This was followed by restaurant revenues at 10.4%, then malls at 3.4%, followed by the hotels sector at 2.6%, with the rest from other activities.
During the Economic Summit that took place in March in Sharm El-Sheikh, Amer Group announced intentions to open three hospitals and a university in 6th of October City, Ain Sokhna and the First Settlement in New Cairo.
The group, owned by businessman Mansour Amer, allocated EGP 5bn to increase its investments in the Egyptian market during 2015. Part of these investments will be directed to educational and health projects, Amer said at that time.
Amer Group invests in real estate, tourism, restaurant chains, and commercial centres. Among its projects are Porto Sokhna and Porto Marina, in Egypt, and Porto Tartus in Syria, aside from its projects in Jordan and Morocco.
The General Assembly recently approved the split of Amer Group into two companies: Amer Group Holding; and Porto Holding. The company is finishing the administrative procedures, with the Egyptian Financial Supervisory Authority (EFSA) yet to approve the decision.
Amer Group is listed on the Egyptian Stock Exchange (EGX), and has issued capital amounts to EGP 195.57m, divided into 1.629bn shares, with a nominal value of 12 piasters per share.