We’re pushing deeper into 2022 earnings season this morning, with Palm Hills Developments reporting record high net income, revenues, sales in 2022 and Macro turning in double-digit top- and bottom-line growth despite the challenges of the past 12 months.

PALM HILLS-

Palm Hills Developments booked record-high net income after tax and minority interest of EGP 1.26 bn in 2022, up by 52% y-o-y, the developer said in its earnings release (pdf). Revenues climbed 76% y-o-y to more than EGP 13.6 bn, another all-time high. New sales were up by half to a record EGP 26.0 bn.

Selling more units at higher prices: The EGX-listed company sold 20% more units in 2022 than the year before, with all projects seeing a rise in average sale prices. Almost 90% of new sales were accounted for by residential properties, which were up 51% y-o-y, while commercial sales rose 44%.

The focus remains on Badya and Palm Hills New Cairo: The company is continuing to focus on growing its two largest residential compounds, according to the release. It surpassed its overall construction spend target for the year by EGP 300 mn to hit EGP 3.7 bn, up 47% y-o-y.

What they said: “We have delivered record set of results, exceeding pre-COVID 19 performance levels and beating our targets and guidance for 2022 on almost all fronts,” said executive chairman Yasseen Mansour, adding that strong construction spending in 2022 and EGP 3.9 bn worth of ready-to-move inventory on the books as of year-end “will continue to boost our financial position in future periods.” The company is also focused on building out its portfolio of commercial developments at Palmet, Badya and Palm Hills, he said. New Cairo.

MACRO GROUP-

Pharma and cosmeceuticals firm Macro Group saw its net income rise 18% y-o-y to EGP 173.9 mn in 2022, according to the company’s earnings release (pdf). Revenues grew 23% y-o-y to record EGP 729.6 mn.

The breakdown: The company attributed the rise in revenues to a 26% y-o-y uptick in average pricing. Total sales volumes fell 3% y-o-y to 18 mn units, as market headwinds and inflationary pressures limited consumers’ purchasing power. The company introduced 30 new products last year – a third of them in 4Q alone — and plans to introduce another 35 new products in the near to medium term, it said. Macro made its debut on the EGX in the first quarter of last year.

Macro turned to exports to hedge against headwinds: Export sales more than quadrupled to hit EGP 30.5 mn in 2022 after Macro hired an export manager to increase its footprint across the Middle East and Africa. The move “increased [Macro Group’s] access to hard currency, cushioning foreign exchange fluctuations and making it easier in acquiring the necessary imported raw materials for premium products,” company chair Ahmed Elnayeb said in the release.