Table of Contents
Key Points
- Palm Hills, led by Yasseen Mansour, expands into Saudi Arabia with a new entity, aiming to capture a significant market share in the Middle East.
- The company reported a 298% profit increase in Q1 2024, with net profits rising to $20.34 million from $5.13 million last year.
- Palm Hills is developing a new 220-feddan resort project in Egypt’s Northern Coast with Pickalbatros Hotels & Resorts, adding 2,000 hotel rooms.
Cairo-based real estate leader Palm Hills Developments, led by Egyptian billionaire Yasseen Mansour, has announced the establishment of a new entity in Saudi Arabia. This move marks a significant strategic expansion beyond its traditional North African base, aiming to capture a substantial share of the Middle Eastern real estate market.
The announcement was made public via the Egyptian Exchange (EGX), where the company revealed the appointment of Majed Sharif as CEO of the new Saudi venture. Sharif will lead the operations and steer the company’s growth in the competitive Saudi market.
Palm Hills sees 298 percent profit increase in Q1 2024
This expansion comes on the back of its impressive financial performance. The company reported a staggering 298 percent increase in consolidated net profits for the first quarter of 2024, reaching EGP1 billion ($20.34 million), up from EGP252.67 million ($5.13 million) in the same period last year.
This robust performance follows a successful 2023, during which Palm Hills achieved a profit of $51.1 million, marking a 25.9 percent increase year-over-year.
The profit boost is attributed to a notable rise in revenues, which soared from EGP13.6 billion ($440.15 million) in 2022 to EGP17.46 billion ($565.13 million) in 2023. This growth underscores the company’s resilience and ability to thrive despite global economic challenges.
220-Feddan development with Pickalbatros
Under the leadership of Yasseen Mansour, Palm Hills, the second-largest listed real estate company on the EGX, has established a strong reputation for developing integrated residential, commercial, and resort communities across Egypt. Its international presence includes projects in Singapore and Saudi Arabia, covering a total area of 5 million square meters.
In addition to its Saudi expansion, Palm Hills recently secured a new deal in May to develop a tourism project on Egypt’s Northern Coast. This joint venture with Pickalbatros Hotels & Resorts will involve constructing a new resort on a 220-feddan site, adding 2,000 hotel rooms to Pickalbatros’ portfolio over the next three years. This project is poised to further bolster Palm Hills’ position as a leading developer in the region.
