Cairo – Mubasher: Palm Hills Developments Company registered 106% higher consolidated net profits after tax and minority interest at EGP 3.25 billion in 2024, compared to EGP 1.58 billion.
Earnings per share (EPS) increased to EGP 1.12 last year from EGP 0.53 in 2023, according to the financial results.
The sales hit EGP 27.16 billion at the end of December 2024, higher by 56% year-on-year (YoY) than EGP 17.45 billion.
Yasseen Mansour, Executive Chairman of Palm Hills, commented: "We anticipate that any favorable policy shifts will contribute to stimulating both the economy and the sector in 2025.”
Standalone Business
The real estate developer logged standalone net profits after tax amounting to EGP 261.52 million as of 31 December 2024, marking an annual drop from EGP 928.16 million.
Non-consolidated EPS plunged to EGP 0.08 in 2024 from EGP 0.31 at the end of December 2023, while the revenues climbed to EGP 6.21 billion from EGP 5.74 billion.
In the first nine months (9M) of 2024, Palm Hills recorded sales momentum of EGP 130 billion.
Regional Expansion Plans
In a statement to CNBC Arabia, Hazem Badran, Co-CEO and Managing Director of Palm Hills, unveiled the company’s plans in the Gulf countries.
Badan stated that the EGX-listed developer has 16 projects under implementation, with investments exceeding EGP 15 billion by 2025. This is in addition to a land portfolio of 35 million square metres.
Palm Hills is currently establishing a fully owned limited liability firm in the Abu Dhabi Global Market (ADGM), marking its entry into the UAE.
In August 2024, Magid Ahmed Sami Mohamed Sherif was named the CEO of Palm Hills’ business in Saudi Arabia.
