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Sunday, 13 November 2022

Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y

Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earnings release (pdf). The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn, up 62% y-o-y.

Sales see solid growth: New sales rose 36% y-o-y to EGP 17.5 bn during 9M 2022, with sales of residential properties rising 31% y-o-y to EGP 15.1 bn, and commercial sales hitting EGP 2.4 bn, up 83%, the company said. The sales performance is the best in the company’s history, it said in the release, noting that it is ramping up construction spending, with a focus on “Badya and Palm Hills New Cairo,” its largest developments.

A better-than-expected 2022: “I am encouraged by the company’s financial resilience and steady improvements across various fronts,” Executive Chairman Yasseen Mansour said. “We expect to surpass our previously announced operational and financial targets for full year 2022.”

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