Egyptian property giant Palm Hills posts 2015 Q4 profit of $26 million

Egypt’s second-largest listed property developer, Palm Hills has recorded a rise in fourth-quarter net profits to 203.5 million Egyptian pounds ($25.99 million) from 89.2 million pounds in the same period last year, it said in a statement Sunday.

The company posted a net profit of 1.03 billion pounds for the 2015 full year, up from 353.3 million pounds in 2014.

Its board of directors proposed a cash dividend of 0.15 pounds per share and bonus shares issuance of one bonus share for each 20 shares held, the company said in a statement.

“Revenues stood at 957 million Egyptian pounds, beating our forecast of 664 million Egyptian pounds, on higher-than-expected deliveries of villas, apartments and chalets,” said a note by Cairo-based Naeem Brokerage, Reuters reported.

In 2016, Palm Hills is expected to have a strong year in terms of both off-plan sales and deliveries, the note added.