Egypt: Palm Hills registers 298% higher consolidated profits in Q1-24

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Cairo – Palm Hills Developments Company recorded consolidated net profits after tax and non-controlling interest worth EGP 1 billion in the first quarter (Q1) of 2024, an annual jump of 298% from EGP 252.67 million.

The revenues hiked by 77% year-on-year (YoY) to EGP 6.22 billion in the January-March 2024 period from EGP 3.52 billion, while the earnings per share (EPS) increased to EGP 0.34 from EGP 0.09 in Q1-23.

Total assets hit EGP 86.03 billion in Q1-24, up from EGP 74.29 billion at the end of December 2023, according to the financial results.

The EGX-listed company achieved record new sales of EGP 32.30 billion in Q1-24, marking an annual leap of 377%.

Standalone Business

Palm Hills logged standalone net profits amounting to EGP 160.62 million in the first three months (3M) of 2024, down YoY from EGP 208.82 million.

Non-consolidated EPS fell to EGP 0.06 in Q1-24 from EGP 0.07 in the year-ago period, while the revenues dropped to EGP 1.50 billion from EGP 1.73 billion.

Yasseen Mansour, Executive Chairman of Palm Hills, said: “In Q1-24, the company booked new record sales of EGP 32.30 billion a growth of 377% YoY, mainly supported by strong sales across all regions namely West Cairo, East Cairo and Badya.”

“Badya continued to achieve robust sales numbers with sales tripling this quarter YoY to record c. EGP9 billion which compares to EGP3 billion in Q1-23,” Mansour added.

He indicated: “Progress in Badya is going as planned with more than 500 homes have been delivered to clients since the delivery commencement and around 100 families already moved there.”

“East Cairo region continued to achieve strong figures led by Palm Hills New Cairo project with new sales mounting to EGP 5 billion during the quarter,” the official mentioned.

As of 31 December 2023, the net consolidated profit after income tax and non-controlling equities of Palm Hills jumped to EGP 1.58 billion from EGP 1.25 billion in 2022.