Cairo – Mubasher: Palm Hills Developments Company recorded consolidated net profits after tax worth EGP 638.82 million in the first half (H1) of 2023, versus EGP 561.79 million in H1-22, including minority shareholders’ rights.
The real estate developer generated revenues amounting to EGP 6.91 billion in January-June 2023, down 0.30% from EGP 6.94 billion in H1-22, according to the consolidated income statements.
Earnings per share increased to EGP 0.20 in the first six months (6M) of 2023, versus EGP 0.18 a year earlier.
Total assets hit EGP 32.09 billion as of 30 June 2023, higher than EGP 26.01 billion as of 31 December 2022.
In H1-23, the new sales enlarged by 84% year-on-year (YoY) to EGP19.60 billion, mainly backed by higher sales in Badya, Palm Hills New Cairo, Palm Hills Alexandria, Hacienda West, and The Crown
Standalone Financials
The EGX-listed firm posted an annual decline in standalone net profit after tax to EGP 371.83 million during H1-23, compared to EGP 551.14 million.
Revenues shrank to EGP 2.81 billion during 6M-23 from EGP 4.08 billion in 6M-22, whereas the EPS plummeted to EGP 0.12 from EGP 0.18.
Financial Statements for Q2-23
During the second quarter (Q2) of 2023, Palm Hills witnessed higher consolidated net profit after tax at EGP 382.30 million, compared to EGP 255.98 million in Q2-22, including non-controlling equity.
Revenues plunged to EGP 3.39 billion in April-June 2023 from EGP 4.03 billion during the same period a year earlier, while the EPS climbed to EGP 0.12 from EGP 0.08.
As for the standalone business, the net profits after tax stood at EGP 163.01 million in Q2-23, lower YoY than EGP 491.06 million.
Non-consolidated revenues dropped to EGP 1.08 billion in the three-month period that ended on 30 June 2023 from EGP 3.28 billion in Q2-22, whereas the EPS retreated to EGP 0.05 from EGP 0.16.
Yasseen Mansour, Executive Chairman of Palm Hills, noted: “Performance of Q2 came in strong amidst the current macro circumstances, booking EGP12.90 billion new sales in Q2-23, the highest quarter in the company’s history, driven by our resilient projects’ portfolio and strategic measures taken since the beginning of 2022 to introduce unparalleled offerings across all of our projects, while maintaining growth momentum and profitability margins.”
“We expect Q3-23 to maintain strong sales momentum, evidence seen after several successful launches in the North Coast and steady sales pace across the rest of our projects since the beginning of the quarter, and we remain confident in the ability of our company to accommodate the current uncertainties,” Mansour added.
During the January-March 2023 period, Palm Hills recorded a 14% drop in consolidated net profit after tax and minority interest to EGP 252.67 million, compared to EGP 294.96 million in Q1-22.
