Palm Hills net profits double in Q1

CAIRO – 10 May 2017: Palm Hills Developments (PHDC) posted 212.3 million EGP ($11.72 million) in net profit during the first quarter (Q1) of 2017, marking a 101.4 percent year-on-year (y/y) growth rate, the company said in a disclosed statement to the Egyptian Exchange on Wednesday.

Total revenues increased by 48.3 percent (y/y) eventually amounting to 1.6 billion EGP (around $88 million) while gross profit amounted to 488.4 million EGP.

“East Cairo sales were the biggest contributor to the Q1 sales,” Pharos Holding said in a financial report.

Sales in East Cairo, West Cairo, and the North Coast respectively represented 66.5 percent, 23.5 percent, and 10.0 percent of total sales during Q1, Pharos said.

PHDC plans to launch Hacienda West in the North Coast to be situated on the 190 acres the company had acquired in West Cairo earlier this year during 2017.

The company also expects to launch new ventures of Palm Hills New Cairo and Capital Gardens which recorded high demand after its second phase of commercial projects was launched in April according to PHDC management, Pharos added.