Egypt’s property developer Palm Hills first-quarter profits hit $8mn

Egyptian property developer Palm Hills Developments’ profits dropped to 141.16 million Egyptian pounds ($8 million) during the first quarter of this year from 224.151 million pounds during the same period in 2018.

The indicators also showed that revenues declined to 958.082 million pounds, down from 1.46 billion pounds during the compared quarter.

As per standalone results, the company’s profit dropped 35.48 percent to 26.481 million pounds, compared to 41.272 million pounds during 2018’s first quarter.

In 2018, the company accomplished profits of 906.86 million pounds, compared to 936.47 million pounds in 2017, including minority rights.

Palm Hills operates within the Real Estate sector focusing on Real Estate Development. It has subsidiaries operating across United Kingdom, Singapore, Egypt, and Saudi Arabia.

Source: Egypt Today