Cairo – Mubasher: Palm Hills Development Co on Wednesday reported a 25.9% year-on-year rise in consolidated profits for the first half of 2018 due to a growth in revenues.

Net profit amounted to EGP 439.9 million during H1-18, versus EGP 349.3 million in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).

Revenues increased to EGP 3.37 billion at the end of June, from EGP 3.22 billion in the corresponding period last year.

Meanwhile, standalone profits dropped to EGP 78.28 million in the six-month period ended June, compared to EGP 136.75 million in H1-17.

The Egyptian real estate firm is looking to generate EGP 12 billion in sales and achieve a net profit of EGP 800 million this year, in addition to achieving revenues of EGP 6.8 billion.

In Q1-18, Palm Hills posted a slight rise of 6% year-on-year in its consolidated profits, recording a net profit of EGP 224 million after tax and minority interest.

Revenue stood at EGP 1.5 billion in Q1-18 due to lower sales as fewer projects were launched and fewer units were delivered.