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Somabay, a prominent leader in tourism investment and the real estate developer of Somabay peninsula, reported a 155% year-on-year (YoY) surge in profits for the first half (H1) of 2024, recording EGP 102 million, according to an emailed press release.
The company generated revenues of EGP 588 million in the six months to June 2024, marking a 29% YoY increase.
Moreover, contracted sales tripled to EGP 5.5 billion in H1 2024 as compared to the same period last year.
For his part, Ibrahim El Missiri, CEO of Somabay Group, unveiled the company's ambitious expansion plans for the Egyptian real estate market in 2024.
This strategy covers the launch of new projects and investing EGP 2 billion in construction and infrastructure development across these ventures.
Somabay has successfully sold 2,500 residential units, delivering 700 units to their homeowners, El Missiri said, adding that the company plans to hand over an additional 500 units by the end of the year.
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