Palm Hills revenue tops $360 million in 9M 2024

Feyisayo Ajayi -

Key Points

  • Palm Hills Developments' revenue surged 59.3% to EGP17.96 billion ($363.42 million) in the first nine months of 2024, driven by robust sales.
  • Net profit more than doubled, rising 124.2% to EGP2.35 billion ($47.57 million), supported by strong revenue growth and strategic sales strategies.
  • Total assets rose 40% to EGP104.1 billion ($2.1 billion), reinforcing Palm Hills’ position as Egypt's second-largest listed real estate firm.

Palm Hills Developments, led by Egyptian billionaire Yasseen Mansour, delivered a robust financial performance for the first nine months of 2024, with revenue soaring 59.3 percent year-on-year to EGP17.96 billion ($363.42 million).

The Cairo-based real estate firm attributed the growth to increased sales and unit handovers. The company achieved a record EGP130 billion ($2.63 billion) in sales momentum, driven by demand for both new project launches and ongoing developments.

Profits double on strong revenue base

Thanks to its impressive top-line performance, Palm Hills saw its profit more than double, climbing 124.2 percent to EGP2.35 billion ($47.57 million) compared to EGP1.05 billion ($21.22 million) during the same period in 2023.

“Despite intentionally capturing only 14 percent of demand in our Hacienda Heneish project due to a phased sales strategy, we remain committed to maximizing long-term value and unlocking significant potential,” said Yasseen Mansour, the company’s executive chairman.

The firm also highlighted its diversification efforts, including the recent acquisition of a 30 percent stake in Taaleem Management Services Company, a leading player in higher education. Mansour emphasized that this move positions Palm Hills as the largest shareholder in Taaleem, marking a strategic entry into a high-growth sector.

Strong asset growth highlights market leadership

Thanks to its robust financial performance, Palm Hills, Egypt's second-largest listed real estate firm and a Mansour Group subsidiary, reported a 40 percent rise in total assets to EGP104.1 billion ($2.1 billion) in the first nine months of 2024. Shareholders’ equity climbed 17 percent to EGP 13.72 billion ($277 million).

Yasseen Mansour, who holds a 10.17 percent stake, has positioned the company as a leader in integrated residential, commercial, and resort communities. The firm's strong financial growth underscores its prominence in Egypt's real estate market.