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Palm Hills reports EGP 906m profit in 2019

Palm Hills reports EGP 906m profit in 2019
Net sales surged by 20% to EGP 14.9 billion
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: The consolidated financial statements of Palm Hills Developments reported net profits of EGP 906.22 million in 2019, slightly down from EGP 906.86 million a year earlier, including minority shareholders’ rights.

In the meantime, the property’s developer’s revenues retreated to EGP 6.22 billion last year from EGP 7.42 billion in 2018, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

On the other hand, the company’s standalone net profits skyrocketed to EGP 579.9 million in 2019, compared to EGP 87.6 million in the prior year.

In addition, net sales surged by 20% to EGP 14.9 billion in FY19 from EGP 12.5 billion in the prior year, surpassing its EGP 14 billion target. 

It is worth mentioning that during the first nine months of 2019, the real estate developer’s net profits fell to EGP 544.3 million from EGP 640.2 million in the corresponding period a year earlier, including minority shareholders’ rights.