Table of Contents
Key Points:
- Palm Hills rockets with 77% revenue jump and a near 300% increase in net profits compared to Q1 2023.
- Record-breaking sales across West Cairo, East Cairo, and Badya drive the company’s growth.
- Palm Hills expands its asset base and boosts earnings per share, solidifying its position as a top Egyptian developer.
Palm Hills Developments, a Cairo-based real estate company led by Egyptian billionaire Yasseen Mansour, reported a significant financial performance in the first quarter of its 2024 fiscal year, with revenue surpassing $130 million.
Revenue up 77 percent; net profits skyrocket 298 percent
According to the company’s interim financial results, revenue rose by 77 percent, climbing from EGP3.52 billion ($74.5 million) in Q1 2023 to EGP6.22 billion ($131.6 million) in Q1 2024. This growth aligns with Egypt’s ambitious plans to achieve $6 billion in property sales to foreigners and Egyptians abroad in 2024.
The surge in revenue translated into a substantial increase in net profits. Palm Hills posted a consolidated net profit after tax and non-controlling interest of EGP1 billion ($21.2 million) in Q1 2024, marking a 298 percent increase from EGP252.67 million ($5.34 million) in the same period last year.
Robust sales across key regions
Executive Chairman Yasseen Mansour attributed the impressive results to strong sales across various regions. “In Q1 2024, the company booked new record sales of EGP32.3 billion ($683.3 million), a growth of 377 percent year-over-year, mainly supported by strong sales in West Cairo, East Cairo, and Badya,” Mansour said.
Sales in Badya tripled year-over-year, reaching EGP9 billion ($190.4 million) compared to EGP3 billion ($63.5 million) in Q1 2023. The East Cairo region also posted strong figures, with the Palm Hills New Cairo project recording new sales of EGP5 billion ($105.8 million) during the quarter.
Continued expansion and asset growth
Palm Hills, the second-largest listed real estate company on the Egyptian Exchange, is recognized for its expertise in integrated developments. The company constructs residential, commercial, and resort communities, solidifying its position as a premier developer with a diversified portfolio across Egypt.
Under Mansour’s leadership, the company’s total assets grew to EGP86 billion ($1.82 billion) in Q1 2024, up from EGP74.3 billion ($1.6 billion) at the end of December 2023. The company’s earnings per share (EPS) increased to EGP0.34 ($0.0072) from EGP0.09 ($0.0019) in Q1 2023, underscoring its financial strength and growth trajectory.
Palm Hills’ record-breaking performance in the first quarter of 2024 positions it as a leading player in Egypt’s real estate market, demonstrating the company’s successful execution of its expansion plans and strategic vision.
