Egypt: Palm Hills reports $2.63bln sales in 9M-24; profits hike 124%

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Palm Hills Developments Company registered sales momentum of EGP 130 billion in the first nine months (9M) of 2024, driven by solid demand for new launches and existing projects.

Revenues stood at EGP 17.96 billion in 9M-24, marking an increase of 59% from EGP 11.28 billion in 9M-23, according to the financial statements.

Gross Profit hiked by 68% year-on-year (YoY) to EGP 6.40 billion as of 30 September 2024, with a gross profit margin of 36%.

Net profits after tax and minority interest reached EGP 2.35 billion in 9M-24, an annual surge of 124% from EGP 1.04 billion.

Yasseen Mansour, Executive Chairman of Palm Hills, indicated: “Albeit we applied a sales phasing strategy that led us receiving only 14% of demand in our Hacienda Heneish project. That said, we are intentionally executing a vigorous phased sales strategy to maximize the long-term value of our projects and capitalize on the significant potential that lies ahead.”

“We recently acquired a 30% stake of Taaleem Management Services Company leading listed higher education player-marking a strategic move into this high-potential vertical and making Palm Hills the largest shareholder in Taaleem,” Mansour added.

As of 30 June 2024, the group’s consolidated net profits after tax and minority interest soared by 180% YoY to EGP 1.70 billion from EGP 608 million.