Cairo – Mubasaher: Palm Hills Development Co posted a 114% year-on-year hike in profits for the second quarter of 2017, according to a bourse filing on Thursday.
Net profits reached EGP 137.03 million in Q2-17 from 63.9 million in Q2-16 after tax and minority interest.
Yassen Mansour, chairman of Palm Hills, attributed the hike in profits to new sales, profitability, and handovers, backed by the ongoing healthy demand for the firm’s product offerings across all operating regions. This also includes the continuing accelerated pace of construction, supported by a strong management team and improving financial position.
The company witnessed a 156% year-on-year growth of EGP 2.5 billion in new sales, supported by new launches in West Cairo and North Coast.
Revenues increased 48% to EGP 1.6 billion in Q2-17 from EGP 1.08 billion in Q2-16.
In the first half of 2017, profits grew to EGP 349.3 million from EGP 169.3 million in H1-16.
Standalone profits declined to EGP 136.7 million in H1-17 from EGP 187.7 million in H1-16.
Net profits amounted to EGP 212.3 in the three months ended March 2017 from EGP 105.4 million in the same period last year.
By the end of June 2017, the Egyptian New Urban Communities Authority (NUCA) approved to partner with Palm Hills in order to develop a mega integrated residential community over 3,000 acres, expecting to create 500,000 job opportunities and house up to 200,000 Egyptian citizens.
Palm Hills is currently finalising the mega community’s plan and new sales are expected to launch during H1-18.
