Palm Hills Developments, the leading real estate firm based in Cairo and helmed by Egyptian billionaire Yasseen Mansour, has concluded its 2023 fiscal year with a robust financial performance, reporting a total profit of $51.1 million.
According to the company’s recently released financial results, Palm Hills recorded a total profit of $51.1 million during the 2023 fiscal year, reflecting a notable 25.9-percent increase compared to the previous year — a significant achievement in the face of global economic uncertainties.
The surge in profits can be attributed to a substantial increase in the company’s net operating revenues, rising from EGP13.6 billion ($440.15 million) in 2022 to EGP 17.46 billion ($565.13 million) in 2023. Despite ongoing economic challenges, Palm Hills experienced heightened demand for real estate assets, driven by urbanization and an increased need for housing.
Palm Hills’ financial surge under Yasseen Mansour: $1.92 billion in 2023 sales showcases strategic brilliance
Under Mansour, who holds a 5.22-percent stake in the company, Palm Hills showcased exceptional performance in 2023. Mansour, also the executive chairman, expressed satisfaction with the results, stating, “I am pleased to report another set of very strong financial and operational results. This was a year of execution for our company, with everything we achieved in 2023 coupled with our strategy, we have a stronger platform for 2024.”
Mansour highlighted the company’s record-breaking new sales of EGP59.5 billion ($1.92 billion), indicating a growth of 129-percent year-on-year. This impressive achievement was propelled by sustained momentum in existing projects like Badya, North Coast projects, Palm Hills New Cairo, and Palm Hills Alexandria, including a notable increase in Ready-to-Move units’ sales across all projects.
Palm Hills Developments, operating as a subsidiary of Mansour Group, continues to solidify its position in the real estate and property development markets with a diverse portfolio of active investments, specializing in residential, commercial, and resort communities. The positive financial results underscore the company’s resilience and strategic foresight in navigating a challenging economic landscape.
