Egypt's Palm Hills reports 180.2% YoY leap in H1 consolidated net profits

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Arab Finance: Palm Hills Development Company (PHDC) reported a 180.19% year-on-year (YoY) jump in consolidated net profits for the first half (H1) of 2024, according to the company’s financial statements sent to the Egyptian Exchange (EGX) on August 25th.

The company recorded a net profit after tax and minority interest of EGP 1.703 billion in H1 2024, up from EGP 608.047 million.

The real estate development company’s operating revenues amounted to EGP 10.938 billion in H1 2023, compared to EGP 6.919 billion in the same half a year earlier.

The firm’s standalone net profit after tax hit EGP 501.030 million during the January-June period of this year, up from EGP 371.833 million in the first six months of 2023.

Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company’s operations.