Somabay, a prominent leader in tourism investment and the real estate developer of Somabay peninsula, reported profits of EGP 102 million in the first half of 2024, marking 155% increase compared to the same period last year. The company’s revenues rose by 29%, reaching EGP 588 million. Contracted sales tripled to EGP 5.5 billion within the first half of the year.
Ibrahim El Missiri, Somabay Group CEO, unveiled the company’s ambitious expansion plans for the Egyptian real estate market in 2024. The strategy involves launching new projects and investing EGP 2 billion in construction and infrastructure developments across these ventures. By accelerating project execution and diversifying into real estate, hotels, and resorts, Somabay aims to broaden its business portfolio and strengthen its position in the market.
El Missiri highlighted that Somabay has successfully sold 2,500 residential units, with 700 units already delivered to homeowners. The company is poised to deliver an additional 500 units by the end of the year. These accomplishments reflect the increasing demand for Somabay’s projects, especially in coastal regions, further solidifying the company’s market position in Egypt, he added.
El Missiri expressed his unwavering optimism, emphasizing that the successes achieved in the first half of the year provide a robust foundation for future expansion and growth. He noted that the company is well-positioned to capitalize on emerging opportunities in the Egyptian market, continuing to deliver innovative projects that exceed customer expectations and contribute substantially to the real estate sector in Egypt.
