Cairo – Mubasher: Palm Hills Developments achieved a net profit after tax and minority interest worth EGP 635.49 million during the first nine months of 2021, a year-on-year (YoY) increase of 24% from EGP 514.54 million, according to the consolidated income statements on Tuesday.
Earnings per share went up to EGP 0.209 at the end of September this year from EGP 0.169 in the same period a year earlier.
Revenues surged by 66% YoY to EGP 5.89 billion in January-September 2021 from EGP 3.54 billion.
New sales, both residential and commercial, soared by 76% YoY to EGP 12.9 billion this year from EGP 7.3 billion in January-September 2020.
During the third quarter (Q3) of 2021, Palm Hills posted net profits standing at EGP 174.06 million, a YoY plunge of 27% from EGP 237.96 million in Q3-20.
Revenues grew by 22% YoY to EGP 1.88 billion in Q3-21 from EGP 1.54 billion.
As for the standalone income statements, the real estate developer logged EGP 337.78 million net profits in January-September 2021, compared to EGP 445.27 million in the corresponding nine months in 2020.
In Q3-21, the net profits soared to EGP 241.54 million from EGP 218.05 million in Q3-20.
Executive Chairman of Palm Hills, Yasseen Mansour, said: “Our operations continued to progress during the third quarter of 2021 as we had a robust summer season with strong demand for secondary homes, complemented by solid uptake of primary homes mostly in Badya, Palm Hills New Cairo, The Crown and Ready to Move units.”
