Cairo – Mubasher: Beltone Research has set the fair value of Palm Hills Development at EGP 4.8 per share, with an ‘Overweight’ recommendation, according to a report released on Wednesday.

The research company referred to improvement in the developer’s profit and the decline in its marketing, general, and administrative expenses, in addition to the decline in the cost of finance.

Palm Hills Development Co. reported a slight profit rise year-on-year during the first half of 2019 despite lower revenues.

The Cairo-based leading property developer’s profit increased to EGP 451.47 million in the six-month period ended 30 June, compared to EGP 439.9 million in the corresponding period a year earlier, including minority shareholders’ rights.