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Palm Hills posts 45% profit drop in Q1-20

Palm Hills posts 45% profit drop in Q1-20
The company’s revenues increased to EGP 1.13 billion
Palm Hills
PHDC
-0.59% 1.51 -0.01

Cairo – Mubasher: The consolidated financial results of Palm Hills Developments (PHD) reported net profits of EGP 84.59 million in the first quarter of 2020, down by 45.4% year-on-year (YoY) from EGP 154.97 million.

The company’s revenues increased to EGP 1.13 billion in the January-March period from EGP 958.082 million in the same period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

As for standalone business, PHD’s net profits rose to EGP 72.46 million in Q1-20, compared to EGP 26.481 million in Q1-19.

It is worth mentioning that in 2019, PHD logged net profits of EGP 906.22 million, slightly down from EGP 906.86 million a year earlier, including minority shareholders’ rights.