Egyptian billionaire Yasseen Mansour has recorded a EGP35.6-million ($1.86 million) boost in his net worth in the past 74 days, as shares in Palm Hills Development increased by nearly 19 percent in reaction to the company’s recently released first-quarter results.
Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.
Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a sizable 5.6-percent stake in the Cairo-based real estate firm.
The Egyptian real estate developer revealed that its profit increased by more than 40 percent in the first quarter of 2022, from EGP217.4 million ($11.36 million) in the first quarter of 2021 to EGP305.8 million ($16 million), owing to sustained growth in demand for properties in Egypt.
As a result of the firm’s strong financial performance, investors on the Egyptian Stock Exchange increased their buying interest in Palm Hills shares, resulting in an 18.6-percent increase in the firm’s stock price from EGP1.13 ($0.059) on June 1 to EGP1.34 ($0.07) on Aug. 14.
Mansour’s 5.6-percent stake in Palm Hills Development has increased in value over the past 74 days, from EGP191.94 million ($10 million) to EGP227.6 million ($11.89 million) at the time of writing.
This equates to a total gain of EGP35.6 million ($1.86 million) for the Egyptian billionaire, who ranks as one of the wealthiest men on the African continent, alongside his brothers Mohamed Mansour and Youssef Mansour, both of whom own Mansour Group and Palm Hills Development.
His net worth is estimated at $1.1 billion, making him one of Africa’s wealthiest businessmen.
