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Palm Hills Developments logs EGP 1.6bn profits in 2023; acquisition deal approved

Palm Hills Developments logs EGP 1.6bn profits in 2023; acquisition deal approved
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Palm Hills
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Cairo – Mubasher: The net consolidated profit after income tax and non-controlling equities of Palm Hills Developments Company registered EGP 1.58 billion in 2023, up from EGP 1.25 billion a year earlier.

Revenues jumped to EGP 17.46 billion last year from EGP 13.60 billion in 2022, according to unaudited financial indicators.

The earnings per share (EPS) reached EGP 0.535 in 2023, up from EGP 0.420 the year before.

Quarterly Results

During the fourth quarter (Q4) of 2023, the consolidated net profit after tax and minority interest leapt 54% YoY to EGP 532 million from EGP 345 million in the same quarter of 2022.

Revenues soared 53% YoY to EGP 6.17 billion in Q4-2023 from EGP 4.04 billion.

Standalone Financials

The company’s standalone net profit after tax declined to EGP 928.16 million last year from EGP 992.44 million the year before.

Revenues dropped to EGP 5.74 billion in the 12-month period that ended on 31 December 2023, versus EGP 6.51 billion in 2022.

Acquisition Deal

Palm Hills’ board of directors approved the acquisition of the entire stake of El Mansour & El Maghraby Investment and Development in the Sixth of October for Hotels and Tourism Services Company for EGP 2,893 per share.

Yasseen Mansour, Executive Chairman of Palm Hills Developments, said: “I am pleased to report another set of very strong financial and operational results. This was a year of execution for our company, with everything we achieved in 2023 coupled with our strategy, we have a stronger platform for 2024.”

“In FY23, the company delivered record new sales of EGP 59.5 billion a growth of 129% YoY, boosted by continued strong sales momentum in the existing projects’ portfolio namely Badya, North Coast projects, Palm Hills New Cairo and Palm Hills Alexandria, including increased contribution from Ready-to-Move units’ sales across all projects,” Mansour added.

Palm Hills posted higher consolidated net profits after tax at EGP 1.12 billion in the first nine months (9M) of 2023, versus EGP 910.86 million in 9M-22.