Cairo – Mubasher: Palm Hills Development Company said Monday that its ordinary general meeting (OGM) has approved the financial statements for fiscal year 2016.

Furthermore, the OGM adopted the board and auditors report of the year which ended on 31 December 2016, according to a bourse filing.

Palm Hills’ consolidated profits decreased 17.2% to EGP 785.2 million in 2016.

By 10:52am Cairo time, the stock fell 2.88% to EGP 3.03.