According to an emailed press release, Somabay, a well-known leader in tourism investment and the developer of Somabay Peninsula real estate reported a 155% year-over-year (YoY) increase in profits for the first half (H1) of 2024, recording EGP 102 million.
In the six months ending in June 2024, the company brought in EGP 588 million, a 29% YoY increase in revenue.
Furthermore, contracted sales tripled to EGP 5.5 billion in H1 2024 compared to the same period in the previous year.
On the other hand, Somabay Group CEO Ibrahim El Missiri revealed the company’s audacious expansion goals for the Egyptian real estate market in 2024.
This plan calls for starting new initiatives and allocating EGP 2 billion for infrastructure development and building across all of these endeavors.
According to El Missiri, Somabay has sold 2,500 residential units and has delivered 700 of those units to homeowners. The company also plans to deliver an additional 500 units by the end of the year.
