Cairo – Mubasher: Palm Hills Developments on Tuesday said it was looking to achieve EGP 12 billion in sales as well as EGP 800 million in net profit in 2018.
The company also forecast EGP 2 billion in construction expenses and the delivery of around 1,500 units this year.
Palm Hills expects to achieve EGP 6.8 billion in revenues this year, it said in a filing to the Egyptian Exchange (EGX).
Last week, the Egypt-based developer denied news that it had logged EGP 10.5 billion in sales in 2017.
Earlier on Tuesday, UAE-based UPP Capital Investment, a subsidiary of Union Properties, said it raised its stake in Palm Hills to 10.18% from 9.44% after purchasing 17 million shares for EGP 69.6 million.
On Monday, Palm Hills Developments reported EGP 936.4 million in net profits in 2017 versus EGP 785.25 million in the year before.
