Cairo – Mubasher: Palm Hills Developments’ board approved unanimously submitting a proposal to the extraordinary general meeting (EGM) for an EGP 120 million issued and paid-up capital cut through the cancellation of 60 million treasury stocks at a par value of EGP 2 per share.

The company's issued and paid-up will reach EGP 5.88 billion from EGP 6 billion, according to a stock exchange filing on Monday.

In a separate statement, the company said its general assembly approved a commutative contract with the International Company for Leasing (Incolease) to enter into a finance lease contract valued at about EFP 150 million.

During the first nine months (9M) of 2022, Palm Hills Developments reported EGP 910.86 million in consolidated net profits after tax, a surge from EGP 635.78 million in the same period in 2021.

The company’s revenues skyrocketed to EGP 9.55 billion during the nine-month period ended 30 September 2022, compared to EGP 5.89 billion in the year-ago period.