Cairo- Mubasher: Palm Hills Developments on Thursday reported a 37% year-on-year increase in its consolidated profits for the first nine months of 2018, recording EGP 640 million.
New sales grew 21% to EGP 9.8 billion during the January-September period, supported by the strong uptake of launched units in Badya, the rising demand for residential units in Palm Hills New Cairo, and the 183% hike in commercial sales which reached EGP 1.4 billion, according to a press release.
Meanwhile, revenue reached EGP 5.7 billion, up 19% year-on-year from EGP 4.7 billion in the corresponding nine-month of 2017.
The Egyptian property developer attributed the growth in revenue to an increase in the handover of residential units in Palm Parks, Golf Extension, Hacienda Bay, and Hacienda White 2, as well as the 21% increase in new wales.
The company has delivered over 1,101 units in Palm Parks, Golf Views, Golf Extension, Hacienda Bay, and Hacienda White 2 during the nine-month period.
In the third quarter of 2018, Palm Hills recorded a net profit of EGP 200 million, the press added.
The company’s revenue rose by 49% year-on-year to EGP 2.3 billion on the back of an increase in sales and handovers.
Moreover, the leading real estate firm has logged new sales of EGP 4.5 billion in Badya, potentially its largest integrated development, since the project was launched in May.
In October, Palm Hills closed a discounting transaction of EGP 316 million receivables portfolio relating to 181 delivered units in Golf Views, Golf Extension, Palm Hills Katmya Extension and Hacienda White 2.
Accordingly, the company netted EGP223 million in proceeds, after applying a discount rate of 18.75%, and deducting various transaction related fees and commissions.
The proceeds were used to pay part of the company’s existing debt, in line with its deleveraging plans.
