Palm Hills’ profit ups 24% in 9 months

Standalone net profit stood at $21.5mln during the January-September 2021

  
Rendering of the 34-key, 4-suite Mazeej Hotel in Hacienda White on Egypt's North Coast

Rendering of the 34-key, 4-suite Mazeej Hotel in Hacienda White on Egypt's North Coast

Palm Hills Developments handout via Thomson Reuters Projects

ArabFinance: Palm Hills Developments (PHD) posted a consolidated net profit before minority interest of EGP 635.49 million during the first nine months of 2021, higher 24% when compared to EGP 514.54 million in the corresponding period of 2020, according to the company’s filing to the Egyptian Exchange.

Standalone net profit stood at EGP 337.78 million during the January-September 2021, compared to EGP 445.27 million in the same period a year ago.

It is worth noting that the company posted a consolidated net profit before minority interest of EGP 461.429 million in half one of 2021.

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

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