Cairo – Mubasher: Palm Hills Development Co said that slashing interest rates by 150 basis points is forecast to save the company between EGP 70-80 million annually in interests, financing costs and land liabilities.
The real estate developer expects more improvement by the end of 2019 amid expectations for a further interest cut in the next meeting of the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC), according to the company’s financial statements.
The real estate developer’s net debt amounted to EGP 2.6 billion at the end of the first half of 2019.
The property developer’s profit grew to EGP 451.47 million during the six-month period ended 30 June, compared to EGP 439.9 million in the year-ago period, including minority shareholders’ rights.
