Palm Hills Development scores an impressive 1Q2021
Palm Hills Development’s bottomline soared 152% y-o-y to EGP 205 mn during 1Q2021, up from EGP 81 mn in 1Q2020, according to the real estate developer’s earnings release (pdf). This came as revenues rose 74%, reaching EGP 1.98 bn from EGP 1.14 bn in 1Q2020, driven by a surge in new sales in both residential and commercial projects, which reached EGP 3.4 bn in 1Q2021, up 98% from the same quarter last year.
PHD sold 488 units during the quarter, a growth of 87%, and delivered north of 344 units, a significant 155% increase compared to 1Q2020. New sales were concentrated in West Cairo, which grew 90% y-o-y and attracted nearly 54% of the quarter’s homebuyers, mainly from sales in Badya and The Crown in Sixth of October city. Sales in East Cairo came in second, contributing 26% to new contracts, followed by new sales in the North Coast, Alexandria, and Ain Sokhna (20%).
PHD’s performance “improved dramatically during the period […] supported by the recovery in home buying transactions across all operating regions,” Chairman Yasseen Mansour said. “We continue to monitor and optimize our leverage,” and have ended the quarter with a EGP 1.2 bn reduction in net debt y-o-y, Mansour added.
PHD recently executed a reshuffle in its upper management: It appointed former CI Capital co-CEOs Hazem Badran and Tarek Tantawy (LinkedIn) as new co-CEOs and managing directors to replace Mansour. The founder handed over the CEO’s job but will remain executive chairman.
B Investments’ net income increased 34% in 1Q2021, reaching EGP 50.6 mn from EGP 37.7 mn in 1Q2020, the company said in its quarterly earnings release (pdf). Revenues came in at EGP 61.3 mn last year, up 13% from EGP 54.2 mn the year before.
Food and dairy manufacturer Domty incurred losses worth EGP 3.4 mn in 1Q2021, compared to profits of EGP 32.1 mn in the same quarter of 2020, according to the company’s quarterly financials (pdf). Revenues also declined to EGP 647.1 mn in 1Q2021 from EGP 744.8 mn in 1Q2020.
Arabia Investments Holding reported a 62% y-o-y jump in its bottom line, recording EGP 15 mn in 1Q2021, compared to EGP 9.23 mn over the same quarter last year, according to its quarterly financials (pdf). Revenues increased to EGP 336.17 mn in 1Q2021, compared to EGP 216.62 mn in 1Q2020.
Minapharm’s net income soared 213% to EGP 58 mn in 1Q2021, up from EGP 18.5 mn over the same quarter last year. This came as net sales grew 32.7% y-o-y to EGP 526.9 mn, the company said in an earnings statement (pdf). Minapharm is set to manufacture some 40 mn doses of the Sputnik V vaccine per year under an agreement with Russia’s sovereign wealth fund RDIF. The locally manufactured vaccines should begin to be rolled out in 3Q2021.