Cairo – Mubasher: Palm Hills Developments Company witnessed higher consolidated net profits after tax at EGP 1.12 billion in the first nine months (9M) of 2023.
The 9M-23 net profits were compared with EGP 910.86 million in 9M-22, including minority interest, according to the financial statements.
The real estate developer generated revenues amounting to EGP 11.28 billion in 9M-23, compared to EGP 9.55 billion in the year-ago period.
Basic and diluted earnings per share (EPS) hit EGP 0.35 in January-September 2023, up year-on-year (YoY) from EGP 0.30.
Standalone Business
The company posted standalone net profits after tax valued at EGP 510.84 million in 9M-23, compared to EGP 713.17 million a year earlier.
Non-consolidated revenues fell to EGP 3.78 billion as of 30 September 2023 from EGP 4.87 billion in 9M-22, while the EPS declined to EGP 0.17 from EGP 0.23.
Financials for Q3-23
During the third quarter (Q3) of 2023, the EGX-listed firm recorded a YoY leap in consolidated net profit to EGP 488.94 million, compared to EGP 358.65 million.
The revenues hiked to EGP 4.36 billion in Q3-23 from EGP 2.61 billion in Q3-22, while the EPS increased to EGP 0.15 from EGP 0.11.
Separate net profits after tax plummeted to EGP 139 million in July-September 2023 from EGP 162.02 million in Q3-22, while revenues grew to EGP 968.64 million from EGP 796.94 million.
During the first half (H1) of 2023, Palm Hills generated EGP 638.82 million in consolidated net profit after tax, an annual rise from EGP 561.79 million, including minority shareholders’ rights.
