Palm Hills Development Company (PHDC) reported a 296.57% year-on-year (YoY) increase in consolidated net profits after tax for the first quarter (Q1) of 2024, registering EGP 1.002 billion, versus EGP 252.67 million, as per a filing.

The real estate development company’s operating revenues amounted to EGP 6.229 billion in Q1 2024, compared to EGP 3.529 billion in the same quarter a year earlier.

The firm’s standalone net profits after tax hit EGP 160.625 million during the January-March period this year, down from EGP 208.823 million in the first three months of 2023.

Similarly, standalone revenues dropped to EGP 1.506 billion from EGP 1.73 billion.

Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company’s operations.

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