Egypt’s property developer Palm Hills Q1 profits rise 6%

Palm Hills, Egypt’s second largest listed real estate developer firm, posted Tuesday a six percent increase in its first-quarter profits, recording 224 million Egyptian pounds ($12.6 million).

Revenue stood at 1.5 billion pounds during the first quarter of 2018 due to lower sales as fewer projects were launched and fewer units were delivered, Palm Hills added in a statement.

Total sales dropped to 2.1 billion pounds in the three-month period ended last March from 3.5 billion pounds during the same period a year earlier.

Moreover, Palm Hills has delivered more than 301 units in Hacienda Bay, Hacienda White 2, Palm Parks, Golf Views, and Palm Hills Katameya projects.

The Egyptian company is planning to hand over 1,500 new homes within this year.