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Amer Group reports 9% profit rise

Amer Group reports 9% profit rise

ArabFinance: Amer Group (AMER) reported a 9% Year on Year increase in its consolidated net profit in the first half (H1) of 2020, according to the company’s August 4th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 27,608,072 in H1 of 2020, compared to EGP 25,423,404 posted in H1 of 2019.

Standalone net profit reached EGP 41,413,054 in H1 of 2020, a 37% decline from EGP 65,364,944 achieved in H1 of 2019.

In July, Sarwa Promotion and Masr Capital teamed up with Amer Group to prepare a preliminary study in order to issue sukuk in favor of the latter.

Under the agreement signed between the three parties, Sarwa and Masr Capital will act as lead managers for the sukuk issuance.

Amer Group is an Egypt-based company engaged in the diversified industry sectors. The company’s operations are structured into many segments, namely real estate, restaurant, hotel, malls, retail, among others. Other activities include the provision of touristic boats, investment and marketing, and real estate maintenance services. 

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