Egyptian billionaire Yasseen Mansour’s Palm Hills posts $37.4 million in profit in 9M 2022

Mfonobong Nsehe -

Palm Hills Developments, a Cairo-based real estate firm led by Egyptian billionaire Yasseen Mansour, delivered a strong financial performance at the end of the first nine months of its 2022 fiscal year, with profits rising by double digits despite disruptions in its operating environment.

According to figures in the group’s recently published financial results, the group’s profit during the nine-month period increased by more than 43 percent, from EGP635.78 million ($26.11 million) in the corresponding period of 2021 to EGP910.86 million ($37.4 million).

The group’s earnings in the recently concluded third quarter (July to September) surpassed EGP350 million ($14.37 million), compared to EGP174.15 million ($7.15 million) in the third quarter of 2021, while revenue rose from EGP1.88 billion ($77.2 million) to EGP2.61 billion ($107.2 million).

Its profit in the first nine months of 2022 is significantly higher in constant currency terms than the EGP856.06 million ($35.15 million) profit that it earned in 2021, when its revenue rose by 48 percent from EGP5.21 billion ($331.7 million) in 2020 to EGP7.71 billion ($490.84 million) at the end of 2021.

The recent surge in the group’s earnings will put it on track to return significant value to shareholders as it builds on previous financial performance, particularly in 2021, when earnings returned to pre-pandemic levels thanks to a series of marketing and cost-cutting strategies.

The group’s strong performance during the first nine months of its fiscal year 2022 can be attributed to a sustained increase in demand for real estate assets, which increased revenue from EGP5.89 billion ($241.9 million) the previous year to EGP9.55 billion ($392.2 million).

Palm Hills Development is a well-known Egyptian real estate developer with active investments in Egypt. It is a subsidiary of Egypt’s largest conglomerate, Mansour Group. The firm creates residential, commercial, and resort communities.

Mansour, who leads the Egyptian real estate developer, owns a sizable 5.22-percent stake in the Cairo-based property developer, and the market value of his stake was valued at EGP222 million ($9.11 million) at the time of writing this report.