Cairo – Mubasher: Palm Hills Development Company reported a 3% year-on-year drop in consolidated profits during the full-year 2018.
The firm's net profits reached EGP 906.8 million in 2018, compared to EGP 936.47 million in 2017, including minority shareholders’ rights, the Cairo-based real estate developer said in a statement to the Egyptian Exchange (EGX).
The company’s revenues jumped to EGP 7.42 billion during the 12-month period ended last December, versus EGP 6.6 billion in the prior year.
Meanwhile, standalone profits of the Egyptian real estate firm dropped to EGP 78.611 in 2018, against EGP 243.11 million in 2017.
Palm Hills previously reported a net profit of EGP 439.9 million for the six-month period ended June, versus EGP 349.3 million in the prior-year period.
