Porto Group Holding has changed the company’s name to Arab Developers Holdings and launched two new brands.
The company seeks to introduce the Nyoum brand for its residential projects and Sia for coastal projects, according to a bourse filing on Tuesday.
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The company will also inject EGP 1.5 billion into its projects, deliver more than 2,000 units, and target over EGP 2 billion contract sales during 2022.
It is noteworthy to mention that in the first nine months (9M) of 2021, the company turned to consolidated net profits of EGP 90.97 million, versus net losses of EGP 8.62 million in the corresponding period a year earlier.
