Egypt: Palm Hills logs $34.87mln consolidated profits in H1-24

PHOTO

Palm Hills Developments Company posted consolidated net profits after tax and minority interest worth EGP 1.70 billion in the first half (H1) of 2024, an annual hike of 180% from EGP 608 million.

Revenues reached EGP 10.93 billion in H1-24, up 58% year-on-year (YoY) from EGP 6.91 billion, according to the financial statements.

The company spent EGP 4.10 billion on construction activities during H1-24, marking an annual rise of 9%, mainly in Badya, Palm Hills Alexandria, Palm Hills New Cairo, Hacienda West, and Alamein.

Standalone Financials

In the first six months (6M) of 2024, Palm Hills logged standalone net profits after tax valued at EGP 501.03 million in January-June 2024, compared to EGP 371.83 million a year earlier.

Non-consolidated revenues dropped to EGP 4.18 billion in H1-24 from EGP 2.81 billion in H1-23, while the earnings per share (EPS) increased to EGP 0.17 from EGP 0.13.

Results for Q2

The consolidated profits jumped by 97% to EGP 701 million in the second quarter (Q2) of 2024 from EGP 355 million in Q2-23. The net revenues climbed by 39% YoY to EGP 4.70 billion from EGP 3.39 billion.

Non-consolidated net profits after tax hiked to EGP 340.40 million from EGP 163.01 million, while the revenues soared to EGP 2.67 billion from EGP 1.08 billion.

Yasseen Mansour, Executive Chairman of Palm Hills, comments: “This exceptional performance which reflects the trust of our customers and resilience of our brand equity continued during Q3, leading to an all-time new sales crossing c. EGP110 billion-mark until the 20 August 2024.”

As of 31 March 2024, the consolidated net profits of Palm Hills after tax and non-controlling interest enlarged by 298% YoY to EGP 1 billion from EGP 252.67 million.