Cairo – Palm Hills Developments has spent the total proceeds of its capital raise subscription listed on 30 December 2018, amounting to EGP 1.53 billion.

A total of EGP 558 million has been invested in the development of Badya project in west Cairo over an area of 3,000 feddans and EGP 50 million has been invested in a commercial-residential project in west Cairo over 205 feddans, Palm Hills said in a bourse disclosure on Wednesday.

The real estate developer has also spent EGP 931 million on developing The Crown project in west Cairo over 190 feddans.

All these projects are currently under construction.

In the first half (H1) of 2021, Palm Hills Developments reported net profits of EGP 495.51 million, up from EGP 282.04 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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