Key Points:
- Egyptian billionaire Yasseen Mansour’s stake in Palm Hills Developments rebounds to over $25 million after a 34% surge in shares.
- Palm Hills shares rise from EGP3 ($0.06) to EGP4.03 ($0.09) in 35 days, boosting market capitalization to over $245 million.
- Currency devaluation impacts Palm Hills’ gains, causing an 11.53% year-to-date decline for dollar-based investors.
Egyptian billionaire Yasseen Mansour, chairman of Palm Hills Developments, has seen the market value of his stake in the Cairo-based property developer rebound to over $25 million, fueled by a recent surge in the company’s shares on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, Mansour’s stake in Palm Hills has increased by EGP308.14 million ($6.46 million) over the past 35 days to EGP1.21 billion ($25.27 million). This follows a decline of EGP 245.31 million ($5.12 million) between April 17 and May 3, when his stake fell from EGP 1.22 billion ($25.39 million) to EGP 972.27 million ($20.28 million).
Palm Hills shares surge 34 percent
Palm Hills, a subsidiary of Mansour Group, is a leading Egyptian developer known for its integrated residential, commercial, and resort projects. Yasseen Mansour holds a significant 10.17 percent stake in Palm Hills, which amounts to approximately 299 million shares.
The company’s shares have soared 34.33 percent in the past 35 days, rising from EGP3 ($0.06) on May 15 to EGP4.03 ($0.09) at the time of writing. This has pushed its market capitalization above $245 million and delivered impressive gains to shareholders.
Mansour’s wealth jumps $6.46 million
The double-digit share price increase lifted the market value of Mansour’s stake by EGP308.1 million ($6.46 million), from EGP897.48 million ($18.8 million) on June 15 to EGP1.21 billion ($25.27 million) at the time of drafting this report.
This upswing reinforces Mansour’s position as one of Egypt’s and Africa’s wealthiest individuals. It coincides with Palm Hills’ strong first-quarter 2024 results, which saw revenue surpass $130 million.
Your Money and Your Life: Gains hit by currency devaluation
Palm Hills Development is among several Egyptian companies that have delivered impressive year-to-date returns in local currency terms. Investors in the leading Cairo-based real estate firm have seen their holdings surge by 36.6 percent so far this year in constant terms.
However, the devaluation of the Egyptian pound against the U.S. dollar has eroded these gains, resulting in an 11.53 percent year-to-date decline for Palm Hills’ investors in dollar terms. A $100,000 investment in the company since January 1 would now be worth $88,470, representing a loss of $11,530.
