Saudi stocks rise, lifted by banking shares    Sudan's ex-president Bashir arrives at corruption trial    Tennis: Pera, Cornet advance as thunderstorms rumble in the Bronx    Trump, US officials dismiss recession fears, defend trade war    UK's Johnson to face EU leaders for Brexit talks, uncertainty roils UK markets    Bayern Munich sign Coutinho on loan from Barcelona    Balotelli joins hometown club Brescia on free transfer    Cairo's historic Tahrir square to be renovated – PM    Gold falls on firmer dollar, markets    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    No indication Libya's Zuwara Airport was used in military operations: UN    Three Palestinians killed by Israeli fire in Gaza    Declining global interest rates to encourage hard currency borrowing in EM: IIF    Outstanding balances of T-bills, bonds reach EGP 1.97tn end-July    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    Al-Sisi honours Egypt's scholars on Science Day    South Korea, Egypt discuss inking FTA soon    12th National Egyptian Theatre Festival fuel up public theatre art scene    Bomb blast kills Pakistani tribal elder near Afghan border    UK faces food, fuel and drugs shortages in no-deal Brexit    28th Citadel Festival for Music and Singing embraces attendees with international troupes    Egypt's FRA awards Banque Misr non-banking financial activities licence    A simple diet change could help live longer, reduce cardiovascular risks by 16%    Personalized cancer treatment wins FDA approval    Egypt condemns Houthis' attack on Saudi oil field    Serbian Micho to be Zamalek's new coach: Egypt's Mortada Mansour    Cairo University tops 2019 Shanghai Academic Ranking    3 sentenced to death for 2016 killing of 4 Egyptian policemen    Ministry of Environment has a plan for "black clouds season"    Too early to estimate Nile's flooding volume: Irrigation Ministry    Cairo University jumps 100 ranks in Shanghai Ranking    Egypt's Sisi appoints new Suez Canal Authority chairman    Sudan's key opposition may nominate economist Abdalla Hamdok for prime minister    Disney warrior Mulan star: ‘I support the Hong Kong police, #BoycottMulan trending    Egypt's Zamalek equal club record with 7-0 hammering of Somalia's Dekedaha    Egypt to launch Bike for Every Citizen initiative soon    LA Opera declines details on longtime general director's investigation    Samih Sawiris lays foundation stone of El Gouna Cultural Center    Ebola outbreak spreads to 3rd province in eastern Congo    Economic, educational legislations will top fifth parliamentary round    Sudan opposition to nominate economist Abdalla Hamdok for prime minister: Sources    Liverpool wins Super Cup after penalty shootout against Chelsea    Egypt produces ‘Fraud' documentary on Muslim Brotherhood history    VIDEO: Egyptian Media Group releases ‘Scam,' documentary on ‘Muslim Brotherhood terrorist history'    Photo of Egyptologist Zahi Hawass to decorate NYC's Times Square to promote tourism to Egypt    Three incredible Egyptian athletes who challenged their disabilities    T. Jefferson Parker tells latest tale in tight, vivid prose    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Porto Group Holding reports 109% hike in 2017 profit; proposes bonus shares
Company net profit stood at EGP 245.5m last year, up from EGP 117.5m prior year
Published in Daily News Egypt on 22 - 02 - 2018

Porto Group Holding reported on Wednesday a 109% year-over-year hike in consolidated profits for 2017 as its revenues from main operations accelerated, the company said in a press release.
The Egyptian Exchange (EGX)-listed company net profit stood at EGP 245.5m last year, versus EGP 117.5m a year earlier, the company said in a filing to the EGX.
Revenues grew to EGP 2.3bn in 2017, from EGP 1.2bn in 2016.
Standalone profits surged to EGP 177.15m in 2017, compared to EGP 39.7m in 2016.
The growth in sales revenues is driven by new sales from existing projects.
Meanwhile, Porto Group recommended distributing bonus shares at a 1:5 ratio.
The Egyptian real estate firm decided to distribute bonus shares for 2016 retained profits and part of the profits for 2017, the company highlighted in a separate filling to the EGX.
The company's capital amounts to EGP 501.5m distributed over 5.015bn shares at a par value of 0.10 per share.
A recent report issued by Beltone has estimated Porto's sales for 2018 and 2019 to reach EGP 3.4bn and EGP 3.8bn respectively.
The research firm also expects a three-year earnings compound annual growth rate (CAGR) of 56% and an average dividend payout ratio of 50%.
Beltone's valuation for Porto Heliopolis adds EGP 0.06 to 0.07 per share to its fair value (FV) estimation, an additional upside of 14% to 16%.
Porto Heliopolis is located close to Cairo International Airport and between two fully developed areas in Egypt, namely Nasr City and Heliopolis, where almost no competition exists.
"We highlight this project as the main trigger to boost sales after 2019, as we believe the inventory available for sale should be mostly sold by that time."
"We expect most of the launched inventory in the existing projects to be finalised in two to three years; hence, we foresee no growth starting in 2020 unless new projects are launched," the report noted.

Clic here to read the story from its source.