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Palm Hills Developments reports 10% lower profit in 9M

Palm Hills Developments reports 10% lower profit in 9M
The property developer registered revenues of EGP 3.55 billion
Palm Hills
PHDC
0.38% 1.59 0.01

Cairo – Mubasher: Palm Hills Developments (PHD) logged EGP 536.55 million in net profits during the first nine months of 2020, down by 9.8% year-on-year (YoY) from EGP 595.02 million, including minority shareholders’ rights.

The property developer registered revenues of EGP 3.55 billion in the nine-month period ended 30 September, down from EGP 3.62 billion in the prior-year period, according to a bourse disclosure on Monday.

As for the third quarter (Q3) of 2020, PHD’s net profits jumped to EGP 254.51 million from EGP 124.53 million in Q3-19.

In addition, the standalone financial results for the first nine months of the year showed net profits of EGP 445.28 million, up from EGP 243.06 million in the corresponding period in a 2019.

During the first half (H1) of 2020, the company reported net profits of EGP 276.585 million, down from EGP 451.47 million in H1-19, including minority shareholders’ rights.