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El Mansour & El Maghraby Investment and Development Company (MMID), a joint venture controlled by Egypt’s billionaire Mansour family, has reduced its holding in leading real estate developer Palm Hills Development. MMID sold shares worth nearly $3 million on the Egyptian bourse, cutting its stake to 39.85 percent from 41.9 percent.
Palm Hills, a unit of the Mansour Group led by Yasseen Mansour and his brothers, remains majority-owned by the family’s private investment firm, MMID. The firm has holdings across various sectors, including banking, real estate, consumer goods, media advertising, and logistics.
MMID divested 39.4 million shares of Palm Hills on April 7, 2024, for a total of EGP141.5 million ($2.98 million) at an average price of EGP3.59 ($0.0755) per share. Commercial International Brokerage Company facilitated the transaction.
Palm Hills posts $51.1-million profit in 2023
Led by Yasseen Mansour, a prominent figure among Egypt’s wealthiest, Palm Hills Developments capped off a strong fiscal year 2023. The company defied global economic challenges, reporting a profit of $51.1 million, a commendable 25.9-percent increase year-over-year. This upswing comes amid Egypt’s growing urbanization trend.
The profit surge is fueled by a substantial rise in the company’s net operating revenues. These revenues climbed from EGP13.6 billion ($440.15 million) in 2022 to EGP17.46 billion ($565.13 million) in 2023.
Palm Hills: One of Egypt’s leading real estate firms
Palm Hills Developments, the second-largest real estate player on the Egyptian Exchange, is renowned for its expertise in integrated developments. The company builds residential, commercial, and resort communities, establishing itself as a premier developer with a diverse portfolio across Egypt.
A significant portion of Palm Hills remains under the ownership of the Al-Mansour and Maghraby Investment and Development Group, chaired by Mansour himself. He also retains a direct 7.29-percent stake in the real estate developer.
