Egypt’s Palm Hills announces consolidated profits up 13% in H1-22

Egypt’s Palm Hills announces consolidated profits up 13% in H1-22

Cairo – Palm Hills Developments has logged consolidated net profits after tax worth EGP 561.79 million during the first half (H1) of 2022, an annual increase of 13% from EGP 495.70 million, including minority interest.

Revenues jumped by 73% year-on-year (YoY) to EGP 6.94 billion in the first six months (6M) of 2022, compared to EGP 4 billion, according to the income statements.

The earnings per share (EPS) rose to EGP 0.184 in H1-22 from EGP 0.152 in H1-21.

During the second quarter (Q2) of 2022, the consolidated net profits after tax amounted to EGP 255.98 million, lower than EGP 278.30 million in Q2-21, including minority shareholders' rights.

The consolidated revenues grew to EGP 4.03 billion in the April-June 2022 period, higher than EGP 2.03 billion during the same period a year earlier.

Furthermore, the EPS stood at EGP 0.087 in Q2-22, versus EGP 0.084 in Q2-21.

Standalone Business

The real estate developer achieved standalone net profits after tax worth EGP 551.14 million in January-June 2022, a hike from EGP 96.26 million in the year-ago period.

Palm Hills reported non-consolidated sales of EGP 4.08 billion in H1-22, a jump from EGP 1.36 billion during the January-June 2021 period.

Furthermore, the standalone EPS stood at EGP 0.181 in H1-22, versus