Egyptian property giant Palm Hills posts highest Q1 sales in company’s history

Egypt’s second-largest listed property developer, Palm Hills has reported 62 percent rise in 2016 first-quarter sales to record total sales of 2.2 billion ($247million) Egyptian pounds, according to its Chairman Yassine Mansour.

The company has announced Tuesday its financial results for fiscal period 01/01/2016 till 31/03/2016.

Hence, the results revealed that the company’s consolidated net profit has declined 43 percent to register 105.4 million pounds versus net profits of 185.5 million pounds a year earlier

Moreover, it posted standalone net profits of 113.758 million pounds versus net profits of 175.913 million pounds a year earlier.

On a quarterly basis, Palm Hills revenues in Q1 of 2016 in comparison to Q1 of 2015, recording 1.071 billion pounds, compared with the 743.365 million recorded in the same period the year before.