Cairo – Mubasher: Palm Hills Developments has reported consolidated net profits worth EGP 305.80 million in the first quarter (Q1) of 2022, versus EGP 217.39 million, including minority shareholders’ rights.

The revenues amounted to EGP 2.90 billion in the January-March period of 2022, compared to EGP 1.97 billion during the same period a year earlier, according to a bourse filing on Tuesday.

Meanwhile, the earnings per share (EPS) stood at EGP 0.10 in the first three months (3M) of 2022, higher than EGP 0.07 in the year-ago period.

As for standalone business, the real estate developer recorded net profits of EGP 60.08 million in Q1-22, compared to EGP 90.73 million in Q1-21.

It is noteworthy to mention that in 2021, Palm Hills witnessed a 14.26% year-on-year (YoY) jump in the consolidated net profit to EGP 856.06 million from EGP 749.17 million.