Cairo – Mubasher: Palm Hills Development Co. has announced that it spent all the returns of its capital increase subscription until December 2018, which stood at EGP 1.64 billion ($94 million).
Around EGP 250 million of these returns were paid to Mansour-Maghraby Investment and Development Company for a zero-interest loan, according to a bourse statement released on Wednesday.
Palm Hills bought a 28-feddan plot in Egypt’s North Coast in consideration of EGP 190 million, in addition to EGP 124.2 million as a down payment for a 500-feddan plot in East Cairo.
Earlier today, the Egyptian Exchange-listed company revealed plans to increase sales to EGP 14 billion ($800 million) in 2019.
Palm Hills Development reported a 3% year-on-year drop in consolidated profits during the full-year 2018, registering EGP 906.8 million.
