Emirati company acquires 5.7% stake in Palm Hills

CAIRO – 10 January 2018: Dubai-based Union Properties acquired 5.68 percent stake in local real estate developer Palm Hills, the UAE company said in a Wednesday statement to the Dubai Financial Market.

Palm Hills’ project portfolio includes 26 real estate projects at different stages, occupying 27 million square meters across Egypt, the statement noted.

Net profit of Palm Hills Development Company was hardly hit by increases in financial costs, as it crashed 49.9 percent in the third quarter (Q3) year-on-year to stand at LE 188 billion ($10.7 billion).

Gross profit of the company in Q3 increased by 2.7 percent year-on-year to reach LE 530.5 million.

The second largest real estate developer in Egypt posted LE 8.1 billion in sales in the first nine months of 2017, recording a 44 percent growth year-on-year.

In the first half of 2017, Palm Hills’ net profits reached LE 349 million, compared to LE 169 million in the same period a year ago.