Cairo – Mubasher: Palm Hills Development Co, a leading property developer based in Cairo, announced it has logged a consolidated net profit of EGP 141.161 million during the first quarter of 2019, down 37.02% from EGP 224.151 million in Q1-18.

Revenues of the real estate firm, listed on the Egyptian Exchange (EGX), also declined to EGP 958.082 million during the three-month period ended 31 March 2019, versus EGP 1.465 billion in Q1-18, according to a statement released on Tuesday.

At the level of standalone business, Palm hills’ standalone profits fell by 35.48% to EGP 26.481 million in Q1-19, versus EGP 41.272 million in the same quarter of 2018.

It is worth noting that Palm Hills previously reported a 3% year-on-year decrease in 2018 consolidated profits, recording EGP 906.8 million, compared to EGP 936.47 million in 2017.

The EGX-listed company’s revenues surged to EGP 7.42 billion during the 12-month period ended 31 December 2018 from EGP 6.6 billion in 2017.

In 2018, the Egyptian company’s standalone profits stood at EGP 78.611 million from EGP 243.11 million a year ago.