Cairo – Mubasher: Palm Hills Developments recorded a leap of 152% in consolidated net profits after tax and minority interest to EGP 204.62 million during the first quarter (Q1) of 2021 from EGP 81.26 million in Q1-20.

Earnings per share amounted to EGP 0.067 in Q1-21, compared to EGP 0.027 in Q1-20, according to a bourse disclosure on Tuesday.

Sales also increased to EGP 1.97 billion in the first three months of 2021 from EGP 1.13 billion in Q1-20, a year-on-year (YoY) growth of 74%.

In a separate statement, Palm Hills said its new sales of residential and commercial units in Q1-21 surged 98% YoY to exceed EGP 3.4 billion. This was “largely supported by strong demand for Palm Hills New Cairo, Badya, and the recently launched Palm Hills Alamein, complemented by contribution from Ready to Move products sold and recognised during the period, as well as the YoY increase in handed over units.”

As for the standalone income statements, the real estate developer registered net profits after tax worth EGP 90.72 million in Q1-21, higher by 25% than EGP 72.45 million in Q1-20.

Earnings per share stood at EGP 0.03 in the January-March 2021 period, compared to EGP 0.024 in the prior-year period.

Net sales increased to EGP 823.46 million from EGP 628.25 million during the same term.

Executive Chairman, Yasseen Mansour, said: “We ended Q1-21 with a net debt of EGP 1 billion, a decrease of EGP 1.2 billion YoY. Our balance sheet remains healthy with total equity (unadjusted) of EGP 9.4 billion and receivables of EGP 22.9 billion, covering net debt 22 times.”