Egyptian investment banks forecast strong results for five of listed real estate companies Talaat Moustafa Group (TMG), Emaar Misr for Development, Six of October Development and Investment (SODIC), Palm Hills Developments and Orascom Development Egypt (ODE), according to Al-Mal News.
Performance will be supported by rising collection values and sales as well as new projects, investment banks said.
They also expect four of the five companies to grow sales by the end of this year at rates of 8-36%, as part of recommendations to increase the relative weight of these companies.
Sales of TMG’s Noor project reached their highest level ever, registering EGP 15 billion in three weeks, according to a statement from the company on July 5.
It is worth mentioning that Emaar achieved a net profit of EGP 529.120 million in the first quarter (Q1) 2021, which represents a year-on-year increase of 114%.
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