Somabay, the developer of the Somabay peninsula in Egypt, reported a 155% increase in profits for the first half of 2024, reaching EGP 102m. The company's revenues rose by 29%, reaching EGP 588m, while contracted sales tripled to EGP 5.5bn in the first six months of the year. These positive results reflect a growing demand for Somabay's projects, particularly in coastal regions, according to Ibrahim El Missiri, Somabay Group CEO. The company has successfully sold 2,500 residential units, with 700 units already delivered to homeowners. An additional 500 units are expected to be delivered by the end of the year. El Missiri unveiled Somabay's ambitious expansion plans for the Egyptian real estate market in 2024. The company plans to launch new projects and invest EGP 2bn in construction and infrastructure developments across these ventures. By accelerating project execution and diversifying into real estate, hotels, and resorts, Somabay aims to broaden its business portfolio and strengthen its position in the market. "The successes achieved in the first half of the year provide a robust foundation for future expansion and growth," said El Missiri. "We are well-positioned to capitalise on emerging opportunities in the Egyptian market, continuing to deliver innovative projects that exceed customer expectations and contribute substantially to the real estate sector in Egypt."
