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Palm Hills’ profit falls 15% in 9M on lower revenue

Palm Hills’ profit falls 15% in 9M on lower revenue
Net profits fell to EGP 544.3 million
Palm Hills
-24.21% 1.41 -0.45

Cairo – Mubasher: Palm Hills Development Co reported a 15% year-on-year profit decline during the first nine months of 2019.

Net profits dropped to EGP 544.3 million in the January-September period, compared to EGP 640.2 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, the company’s revenues plunged to EGP 3.6 billion in the nine-month period ended 30 September, compared to EGP 5.6 billion in the corresponding period a year earlier.

As for the third quarter of the year, the property developer logged a net profit of EGP 124.5 million, down from EGP 235.6 million in Q3-18.

At the level of standalone business for the January-September period, Palm Hills Development Co’s profits hiked to EGP 243 million from EGP 53.8 million in Q3-18.

It is worth mentioning that during the first half of 2019, the EGX-listed firm reported a net profit of EGP 451.47 million, up from EGP 439.9 million in H1-18.