Cairo – Mubasher: Palm Hills Development Company consolidated financial statements showed a rise of 89% in net profit for the fourth quarter of the fiscal year 2016 to EGP 381 million, versus EGP 201.6 million for Q4-15.

However, consolidated net profit for fiscal 2016 declined 17.2% to EGP 785.2 million from EGP 948.5 million for fiscal 2015, according to a bourse filing released on Tuesday.

Consolidated revenues increased in fiscal 2016 by 55% year-on-year to EGP 5.6 billion, while total sales grew 29% y-o-y to EGP 8.2 billion.

Standalone profits reached EGP 295.85 million in the year ended on 31 December 2016, 57% down from EGP 688.3 million for the previous year.