Egypt's Palm Hills sets up company in Saudi Arabia

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The EGX-listed firm announced the news in a bourse disclosure

Staff Writer, Mubasher

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Cairo – Palm Hills Developments Company has established a company in Saudi Arabia and appointed Majed Sharif as its CEO.

The EGX-listed firm announced the news in a bourse disclosure on 4 August 2024.

In the first quarter (Q1) of 2024, the consolidated net profits after tax and non-controlling interest of Palm Hills hiked by 298% to EGP 1 billion from EGP 252.67 million in Q1-23.

Meanwhile, the standalone net profits dropped to EGP 160.62 million as of 31 March 2024 from EGP 208.82 million in the year-ago period.

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