(2019-02-25) Porto Said project initial cost totals 4 bn pounds, Amer Group
Amer Group Holding said that the initial cost of the "Porto Said" project may reach 4 billion pounds. It said in a statement sent to the Egyptian Stock Exchange last Thursday that it expects 7 billion pounds revenues after the completion of all phases of the project. The group has earlier signed a contract to buy 90 acres west of Port Said, with the Port Said governorate to create a tourism project. The company announced in its statement to the bourse last Wednesday a significant decline in its net 74.705 million pounds profit last year, compared to 92.977 million pounds by the end of 2017, affected by a decline in annual revenues to 1.929 billion, compared to 2.154 billion pounds. Source: Al Mal