Cairo – Mubasher: Palm Hills Development on Wednesday announced plans to increase sales to EGP 14 billion ($0.80 billion) in 2019.
The Cairo-based real estate firm aims to raise activity revenues by EGP 7.5 billion this year, with a higher profit margin of 38% and a net profit of about EGP 1 billion, the company said in a filing to the Egyptian Exchange (EGX).
Palm Hills Development forecast 1,350 residential and commercial units to be delivered in 2019, with planned expenditures of EGP 2.2 billion.
The company reported EGP 906.86 million in profits for the full-year 2018, against EGP 936.47 million in the prior year, including minority shareholders’ rights.
The EGX-listed firm’s revenues rose to EGP 7.42 billion from January to December 2018, compared to EGP 6.6 billion in the previous year.
Meanwhile, the Egyptian firm logged EGP 87.611 million in standalone profits last year, against EGP 243.11 million a year earlier.
During the first nine months of 2018, Palm Hills Development’s consolidated profits grew 37% year-on-year.
