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Palm Hills Developments posts 15% lower profit in 2020; dividends proposed

Palm Hills Developments posts 15% lower profit in 2020; dividends proposed
The board of directors recommended a cash dividend distribution of EGP 304 million
Palm Hills
PHDC
2.08% 1.67 0.03

Cairo – Mubasher: Palm Hills Developments (PHD) reported consolidated net profits of EGP 717.76 million in 2020, down by 15.2% year-on-year (YoY) from EGP 846.78 million, including minority shareholders’ rights.

Revenues fell to EGP 5.21 billion last year from EGP 6.22 billion in 2019, the company said in a bourse disclosure on Monday.

The standalone net profits declined to EGP 562.43 million in 2020, compared to EGP 579.9 million a year earlier.

The board of directors recommended a cash dividend distribution of EGP 304 million or EGP 0.10 per share for 2020’s earnings.

The proposal will be referred to the company’s shareholders for approval.

The board also approved a decision to donate to the Tahya Misr Fund to cover the costs of importing COVID-19 vaccines.  

It also approved the disclosure form which includes its decision to reduce the company’s capital through cancelling 36.35 million treasury stocks.

During the first nine months of 2020, the property developer logged EGP 536.55 million in net profits, down from EGP 595.02 million in the same period a year earlier, including minority shareholders’ rights.